Soybeans are showing double digit gains in the front months on Wednesday morning, up 8 to 12 cents. Future closed the Tuesday session with contracts down 4 to 5 ¾ cents lower. Preliminary open interest was up 3,147 contracts on Tuesday. The cmdtyView national average Cash Bean price was 5 1/2 cents lower at $9.82 3/4. Soymeal futures were up 70 cents to $1.60 in the front months and down 10 to 20 cents in the deferred contracts, with Soy Oil futures 4 to 10 points lower.
Monday morning’s Export Inspections report showed 1.34 MMT (49.1 mbu) of soybeans shipped in the week of 1/15. That was 16.1% below the week prior but 35.1% larger than the same week last year. China was as the largest destination of 611,983 MT, with 116,120 MT shipped to Germany and 106,120 MT to Mexico. The marketing year total is now 19.335 MMT (710.44 mbu) of soybeans shipped, which is now 40.2% below the same period last year.
In an interview late on Tuesday, US Trade Rep Greer stated there is a chance that he and secretary Bessent meet with Chinese counterparts before April when President Trump is expected to meet with President XI.
ANEC estimates the Brazilian soybean export for January at 3.79 MMT, a 0.06 MMT increase from last week’s number.
Mar 26 Soybeans closed at $10.53, down 4 3/4 cents, currently up 12 cents
Nearby Cash was $9.82 3/4, down 5 1/2 cents,
May 26 Soybeans closed at $10.64, down 4 3/4 cents, currently up 10 1/2 cents
Jul 26 Soybeans closed at $10.76 1/4, down 5 cents, currently up 8 1/2 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
