The soybean market is trading with gains of 2 to 5 cents early on Tuesday. Soybeans posted Monday losses of 5 to 7 cents across most contracts. Preliminary open interest indicated a rotation of ownership, up just 1,541 contracts. CmdtyView’s national front month Cash Bean price was down 6 cents at $9.79 1/2. Soymeal futures were down $2.70/ton, as Soy Oil futures were back down 7 to 9 points.
The US soybean crop was listed at 8% planted as of Sunday, now ahead of the 5-year average pace of 5%.
Weekly Export Inspections data tallied corn shipments at 550,924 MMT (20.24 mbu) in the week that ended on April 17. That was down 0.7% from the week prior but 24.2% above the same week last year. Egypt was the largest destination of 173,272 MT, with 101,074 MT headed to Mexico, and just 67,785 MT to China. Marketing year soybean shipments are now 42.67 MMT (1.57 bbu), an increase of 10.9% from the same week last year.
May 25 Soybeans closed at $10.29 1/2, down 7 cents, currently up 4 1/4 cents
Nearby Cash was $9.79 1/2, down 6 cents,
Jul 25 Soybeans closed at $10.41 1/2, down 6 1/4 cents, currently up 3 3/4 cents
Nov 25 Soybeans closed at $10.25 3/4, down 6 3/4 cents, currently up 2 cents
New Crop Cash was $9.64, down 6 3/4 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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