Soybeans are shooting higher on Tuesday morning trade, with contracts 9 to 14 cents in the green. Futures were 5 to 8 cents lower in the front months on Monday, with new crop contracts fractionally higher. Open interest rose 10,704 contracts, mainly in May and July. There were another 27 deliveries issued overnight. The cmdtyView national average Cash Bean price was down 2 cents at $10.91 1/4. Soymeal futures fell $2.30 to $7.60 lower, with Soy Oil futures 70 to 92 points higher. There were 102 deliveries against March bean meal futures on Friday night.
Monday morning’s Export Inspections report showed 1.138 MMT (41.8 mbu) of soybean shipped in the week of 2/26. That was 66.9% above the week prior and 62% larger than the same week last year. China was the largest destination of 734,698 MT, with 132,978 MT shipped to Germany and 105,122 MT to Mexico. The marketing year total is now 26.18 MMT (962 mbu) of soybeans shipped since September 1, which is 30.4% below than the same period last year.
Monthly Fats & Oils data from Monday afternoon showed 227.8 mbu of soybeans crushed in January, exceeding estimates. That was a drop of 0.87% from December, but 87.2% above the same month last year. Soybean oil stocks rose 11.72% from the end of December to 2.43 billion lbs, which was 33.9% larger than the same period last year.
StoneX estimates the Brazilian soybean crop at 177.8 MMT, a 3.8 MMT cut from the previous number.
Mar 26 Soybeans closed at $11.50, down 7 1/4 cents, currently up 13 1/4 cents
Nearby Cash was $10.91 1/4, down 2 cents,
May 26 Soybeans closed at $11.64, down 6 3/4 cents, currently up 12 1/2 cents
Jul 26 Soybeans closed at $11.77, down 5 3/4 cents, currently up 12 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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