The soybean market gave back most of Monday’s gains on Tuesday, as contracts turned around for losses of 4 ¾ to 11 ¼ cents across the board. CmdtyView’s national front month Cash Bean price was down 11 cents at $9.46 1/4. The products were back to lower trade on the day to add pressure. Soymeal futures were down $1.40 to $1.90/ton and Soy Oil futures back down 41 to 69 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 closed at $9.98 1/2, down 11 1/4 cents,
Nearby Cash was $9.46 1/4, down 11 cents,
Mar 25 Soybeans closed at $10.08 1/2, down 10 1/2 cents,
Jul 25 Soybeans closed at $10.33 1/2, down 9 1/4 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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