Soybeans are down 2 to 4 cents early on the midweek session. Futures posted Tuesday losses of 6 to 9 cents in the nearby contracts on Tuesday. The cmdtyView national average Cash Bean price was down 8 cents at $10.89 1/4. Soymeal futures were down $1.30 to $4.80 in the front months, with Soy Oil futures down 8 to 31 points at the close.
Crude oil is down $19.46 so far this morning following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Traffic was limited overnight. Early this morning President Trump posted that ‘a country supplying military weapons to Iran will be immediately tariffed” by a rate of 50%.
USDA will release their monthly WASDE report on Thursday morning. A survey of analysts by Bloomberg shows very few changes expected to the US balance sheet with an average estimate at 349 mbu for soybean’s carryout, vs. 350 mbu in March.
Soybean exports out of Brazil totaled 14.52 MT in March according to the country’s trade data, double the February total but down 1.11% from a year ago.
May 26 Soybeans closed at $11.58 1/4, down 8 1/2 cents, currently down 2 cents
Nearby Cash was $10.89 1/4, down 8 cents,
Jul 26 Soybeans closed at $11.74 1/2, down 8 3/4 cents, currently down 2 1/4 cents
Nov 26 Soybeans closed at $11.51, down 6 cents, currently down 4 1/4 cents
New Crop Cash was $10.90 3/4, down 6 cents,
