The soybean market is feeling some midday pressure on Tuesday, with contacts down 6 to 9 cents. CmdtyView’s national front month Cash Bean price is down 8 3/4 cents at $9.49 3/4. The products are back to lower midday trade, with Soymeal futures down $1.50/ton and Soy Oil futures back down 54 points.
Brazilian exports during November are expected to total 2.8 MMT according to the latest ANEC estimate, slightly below their previous estimate. That would be down from the 4.7 MMT reported in October and nearly half of what was reported in November 2023. Abiove expects the 2024/25 crop production to total 167.7 MMT.
Brazil and China are expected to announce an agreement on ag products this Wednesday.
Jan 25 Soybeans are at $10.01, down 8 3/4 cents,
Nearby Cash is at $9.49 1/2, down 8 3/4 cents,
Mar 25 Soybeans are at $10.11 1/4, down 7 3/4 cents,
Jul 25 Soybeans are at $10.36 1/4, down 6 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.
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