Soybeans Fall on Monday

Soybeans slipped off on the Monday session with contracts closing 8 to 14 cents in the red across most months. The cmdtyView national front month Cash Bean price was down 8 1/2 cents at $9.45 1/4. Soymeal futures closed the Monday session with contracts down $1.50 to $2.20, with Soy Oil futures 46 to 63 points lower. President Trump is sticking with the additional 10% tariff on China as this is written, with a report from overnight showing ag goods are in the crosshairs for potential retaliatory measures.

This afternoon’s Fats & Oils report showed January crush totaling 212.5 mbu. That was a 2.36% decline from last month but still 9.41% larger yr/yr. Bean oil stocks were tallied at 2.09 billion lbs at the end of January, up 3.06% from last year. 

Weekly Export Inspections data showed a total of 695,158 MT (25.54 mbu) of soybeans shipped in the week of 2/27. That is down 20.9% from the week prior and a 40.1% drop vs. the same week last year. China was the top destination of 350,023 MT in that week, with 64,591 MT to Egypt and 60,384 MT to the Netherlands. Marketing year exports are 37.59 MMT (1.381 bbu), which is still 9.6% larger than the same point last year. 

AgRural estimates the Brazilian soybean harvest at 50% complete by last Thursday, which is 2% above the same period last year. 

Mar 25 Soybeans  closed at $9.98 1/4, down 13 1/4 cents,

Nearby Cash  was $9.45 1/4, down 8 1/2 cents,

May 25 Soybeans  closed at $10.11 1/2, down 14 1/4 cents,

Nov 25 Soybeans  closed at $10.18 3/4, down 10 3/4 cents,

New Crop Cash  was $9.55 1/4, down 8 3/4 cents,