Soybeans are showing fractional to 2 cent gains early on Tuesday. Futures posted losses of 4 to 5 cents in the front months on Monday, retreating from overnight highs on losses in crude oil. Preliminary open interest was down 4,779 contracts on Monday, mainly in the old crop contracts. There were 114 delivery notices against March beans overnight. The cmdtyView national average Cash Bean price was down 5 1/4 cents at $11.21 1/2. Soymeal futures were down 50 cents to $4.30, with Soy Oil futures down 12 to 54. Crude oil closed the day down $5.85 and more than $33 off the overnight highs. It is down another $5.44 this morning. President Trump signaled the that the ongoing conflict may be nearing an end late on Monday, which pushed prices further.
US soybean ending stocks are estimated to be trimmed by 6 mbu to 344 mbu in this morning’s WASDE. Brazilian soybean production is estimated to be down ~1 MMT to 179.06 MMT.
Export Inspections data showed soybean shipments 879,190 MT (32.3 mbu) shipped in the week that ended on March 5. That was down 24.3% from last week, but up 2.5% vs. the same week last year. China was the top destination of 411,462 MT, with 161,746 MT to Egypt and 118,747 MT to Indonesia. Marketing year shipments have totaled 27.09 MMT (995.3 mbu), which is down 29.6% yr/yr.
Chinese soybean imports for January and February have totaled 12.55 MMT according to the country’s customs data, down 7.8% from last year.
Mar 26 Soybeans closed at $11.80 1/2, down 4 1/2 cents, currently down 5 cents
Nearby Cash was $11.21 1/2, down 5 1/4 cents,
May 26 Soybeans closed at $11.96 1/4, down 4 1/2 cents, currently up 1 1/4 cents
Jul 26 Soybeans closed at $12.09, down 4 cents, currently up 1 1/2 cents
