Soybeans are shaking off much if the trade threat so far on Monday, with contracts mixed in AM trade. The soybean market posted a round of 2 to 3 cent losses on Friday, shrugging off midday gains. March slipped 13 ¾ cents on the week. CmdtyView’s national front month Cash Bean price was down 3 1/2 cents at $9.77 3/4. Soymeal futures were down $3.60/ton, with Soy Oil futures down 113 points.
On Saturday President Trump signed an executive order to impose an additional 10% tariff on Chinese goods, starting on Tuesday.
CFTC data showed managed money adding 16,166 contracts to their net long as of January 28, taking the total to 56,496 contracts as of Tuesday.
Later today, USDA will release their monthly Fats & Oils report, with analysts estimating 217.6 mbu of soybeans crushed in December. Soy oil stocks are seen at 1.734 billion lbs.
The Buenos Aires Grains Exchange tallied the Argentina soybean crop at 20% excellent, down 2% from the previous number, shifting to the poor category at 28%. AgRural pegs the Brazilian soybean crop at 9% harvested as of Thursday, behind the 16% from last year.
Mar 25 Soybeans closed at $10.42, down 2 cents, currently up 1 cent
Nearby Cash was $9.77 3/4, down 3 1/2 cents,
May 25 Soybeans closed at $10.57 1/2, down 2 1/4 cents, currently up 1/2 cent
Nov 25 Soybeans closed at $10.51, down 2 1/2 cents, currently down 1 1/4 cents
New Crop Cash was $9.86 1/1, down 2 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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