The soybean market is trading with 11 to 23 cent gains so far on Tuesday morning. Soybeans posted a rally ahead of Monday’s inauguration. Contracts were up 10 to 15 cents in the nearbys, with new crop contracts up 3 ½ to 7 ¾ cents. Nearby March was 8 ¾ cents higher since last Friday. CmdtyView’s national front month Cash Bean price is up 14 ¼ cents at $9.74 ¾. Soymeal futures were 20 cents to $2.80/ton higher on the Friday session. Soy Oil futures are 17 to 66 points in the green on the session.
On Monday, President Trump signaled a less aggressive approach to tariffs and has delayed implementation to review current trade agreements and policies with China, Canada, and Mexico.
CFTC Commitment of Traders data indicated spec traders in soybean futures and options flipping to a net long of 34,833 contracts as of January 14. That was a move of 63,445 contracts in that week and the first net long in over a year. Commercials were at a net short of 120,158 contracts, an increase of 66,450 contracts from the week prior.
Argentina soybean conditions have been slipping, with the excellent conditions down 17% to 32% according to the Buenos Aires Grains Exchange, with poor conditions up 13% to 21%. AgRural estimates the Brazilian soybean crop at 1.7% harvested by last Thursday. Abiove estimates the Brazilian soybean crop at 171.7 MMT, up from their previous 168.7 MMT.
Mar 25 Soybeans closed at $10.34, up 15 cents, currently up 22 3/4 cents
Nearby Cash was $9.74 3/4, up 14 1/4 cents,
May 25 Soybeans closed at $10.44 3/4, up 13 1/4 cents, currently up 21 cents
Nov 25 Soybeans closed at $10.27 3/4, up 7 cents, currently up 11 cents
New Crop Cash was $9.62 1/4, up 6 3/4 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.
/Cybersecurity%20by%20AIBooth%20via%20Shutterstock.jpg)
