
Soybeans are posting another round of sharp losses on Friday morning, with contracts down 22 to 25 cents following an overnight Chinese response. They closed the Thursday session with losses of 18 to 20 cents after a gap lower at the open. Preliminary open interest data suggested net new selling, up 7,555 contracts, mainly in the new crop months. CmdtyView’s national front month Cash Bean price is down 17 3/4 cents at $9.54 1/4. Soymeal futures were up 40 cents $2.40/ton, with Soy Oil futures back down 109 to 144 points.
In response to President Trump’s reciprocal tariffs, China issued a retaliatory tariff of 34% on all US goods overnight.
The USDA Export Sales report showed the FAS report with 410,172 MT in old crop soybean sales for the week ending on March 27. That was a 3-week high and 3 times the sales total from the same week last year. China was again the main buyer of 285,900 MT (with 264,000 MT switched from unknown) as Taiwan purchased 73,100 MT. Sales for new crop were just 3,274 MT.
Soybean meal sales were tallied at just 93,497 MT, below trade estimates calling for between 100,000-300,000 MT. Soybean oil sales were at 13,842 MT, a 7-week low and on the low end of the 5,000-40,000 MT the trade thoughts.
Census trade data from Thursday morning showed February exports of soybeans at 3.07 MMT (112.66 bbu), which was down 41.17% from January, 41.75% below a year ago, and the lowest Feb total since 2020. Marketing year shipments have totaled 1.415 bbu. Meal exports during February were 1.125 MMT, down 17.64% from a year ago. Bean oil shipments were well above last year at 136,250 MT.
May 25 Soybeans closed at $10.11 1/2, down 18 cents, currently down 23 1/2 cents
Nearby Cash was $9.55 1/4, down 17 3/4 cents,
Jul 25 Soybeans closed at $10.26 1/4, down 18 3/4 cents, currently down 22 1/4 cents
Nov 25 Soybeans closed at $10.17, down 20 1/4 cents, currently down 25 1/2 cents
New Crop Cash was $9.54 1/2, down 20 1/2 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.