Soybeans are trading with gains of 3 to 4 cents in neighboring countries, and last November they rose 12 cents. It broke through early lows on Tuesday to close with contracts down between 10 and 13 cents for most months. Some new selling was seen, with open interest increasing by 16,137 contracts due to double-digit losses. A further five deliveries were made overnight, bringing the total to 1,093 for the month. cmdtyView’s national average Cash Bean price was 9 3/4 cents lower at $10.46 1/2. Soybean meal futures fell between $3.80 and $4.50 to close the day, and soybean oil futures fell between 18 and 31 points on Tuesday.
Overnight, China suspended some retaliatory tariffs on U.S. goods but kept them in place with a 10% tariff from the Liberation Day tariff response, with total tariffs on U.S. soybeans at 13%. With the government shutdown and export sales data unreported, the market is trying to gauge how much U.S. business China has captured in the last week. Base movement in the North and PNW would suggest that buyers have been somewhat active.
Bangladesh agreed to increase its purchases of American soybeans and flour to $1.25 billion over the next 12 months, nearly triple its purchases last year.
S&P Global estimates US soybean yield at 53 bpa, stable from last month. Production was estimated at 4.26 bbu. The USDA will publish its data next Friday the 14th, according to a statement last week.
EU soybean imports are estimated at 3.81 million tonnes from July 1 to November 2 according to the European Commission, 0.78 million tonnes less than the same period last year.
On Nov. 25, soybeans closed at $11.08 1/4, down 11 1/2 cents and currently up 12 cents.
The cash close was $10.46 1/2, down 9 3/4 cents,
January 26 Soybeans closed at $11.21 1/2, down 12 3/4 cents and currently up 3 cents.
March 26 Soybeans closed at $11.27 3/4, down 12 1/2 cents and currently up 2 3/4 cents.
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com