Soybeans are holding steady on Tuesday’s midday, with the nearbys down 1 to 2 cents and new crop November up a penny at midday. CmdtyView’s national front month Cash Bean price is down 1 1/4 cent at $9.86 1/2. Soymeal futures are down $2.50/ton, with Soy Oil futures 77 points higher. Gains in crude oil futures are supportive to the latter.
The monthly WASDE report was released this morning, with USDA leaving the S&D alone at 380 mbu. The cash average price from USDA showed a 10 cent drop to $10.10.
South American data had a few changes as Brazil was left unchanged at 169 MMT, compared to estimates calling for an increase. Argentina production was down 3 MMT to 49 MMT, citing the persistent heat and dryness. World stocks of beans were slashed by another 4.03 MMT to 124.34 MMT, thanks to the Argentina number.
Mar 25 Soybeans are at $10.48 1/4, down 1 1/4 cents,
Nearby Cash is at $9.86 1/2, down 1 1/4 cents,
May 25 Soybeans are at $10.64 1/2, down 1 cent,
Nov 25 Soybeans are at $10.58 1/2, up 1 cent,
New Crop Cash is at $9.94 3/4, up 1/2 cent,
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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