Soybeans are trading with midday weakness of 6 to 8 cents in the front months on Monday. The cmdtyView national average Cash Bean price is down 7 ½ cents at $10.41 1/4. Soymeal futures are trading with losses of $5.50 to $6.30, with Soy Oil futures up 100 to 107 points on the day.
USDA reported a private export sale of 264,000 MT of soybeans to China this morning.
Monday morning’s Export Inspections report showed 1.136 MMT (41.74 mbu) of soybean shipped in the week of 2/5. That was 13.8% below the week prior and 3.5% shy of the same week last year. China was the largest destination of 747,198 MT, with 92,655 MT shipped to Mexico and 57,087 MT to Germany. The marketing year total is now 23.136 MMT (850 mbu) of soybeans shipped since September, which is still 34.4% below the same period last year.
Monthly WASDE data will be released on Tuesday, with analysts looking for no major changes to the US soybean stocks number, at 348 mbu, vs. the 380 mbu estimate in January. Brazil soybean production is excepted to be up 1.2 MMT to 179.2 MMT, with Argentina estimed down 0.4 MMT to 48.1 MMT.
Commitment of Traders data from Friday afternoon showed a total of 11,511 contracts added to the managed money soybean futures and options net long position as of Tuesday, taking the position to 28,832 contracts.
AgRural estimates the Brazil soybean crop at 16% harvested as of Thursday, ahead of he 15% pace last year.
Mar 26 Soybeans are at $11.07 1/2, down 7 3/4 cents,
Nearby Cash is at $10.41 1/4, down 7 1/2 cents,
May 26 Soybeans are at $11.21 1/4, down 7 1/2 cents,
Jul 26 Soybeans are at $11.32 3/4, 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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