Soybeans are up 3 to 6 cents across most contracts on Wednesday morning. The soybean market was pressured by China’s retaliatory action against additional US tariffs overnight. Contracts closed with losses of 12 to 15 cents across most front months. Preliminary open interest was up 10,628 contracts, indicating net new selling. The cmdtyView national front month Cash Bean price was down 11 3/4 cents at $9.33. Soymeal futures were down $4.20/ton at the Tuesday close, with Soy Oil futures 62 to 77 points lower. There were no deliveries against March soybeans overnight, with 53 deliveries for soybean meal and 212 deliveries for soybean oil.
USDA reported a private export sale of 20,000 MT of soybean oil to unknown destinations on Tuesday morning for 2024/25 shipment
In response to the additional 10% tariff on Chinese goods, China has suspended imports on 3 US export firms as well as issuing a 10% tariff on imports of US soybeans. For reference, there is 1.569 MMT left in unshipped sales to China.
Mar 25 Soybeans closed at $9.84, down 14 1/4 cents, currently up 6 1/2 cents
Nearby Cash was $9.33, down 11 3/4 cents,
May 25 Soybeans closed at $9.99, down 12 1/2 cents, currently up 5 3/4 cents
Nov 25 Soybeans closed at $10.03 1/2, down 15 1/4 cents, currently up 3 cents
New Crop Cash was $9.40 1/1, down 15 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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