Soybeans posted losses of 5 to 6 cents in the front months on Monday. The cmdtyView national average Cash Bean price was 5 1/2 cents lower at $9.92 1/4. Soymeal futures were down $2.00 to $5.60, with Soy Oil futures steady to 10 points lower on Monday.
Export Inspections data showed soybean shipments at 1.324 MMT (48.7 mbu) shipped in the week that ended on January 22. That was down 1.54% from the week prior, but 79.45% above the same week last year. China was the top destination of 897,459 MT, with 102,064 MT to Mexico and 67,547 MT to Italy. Marketing year shipments have totaled 20.67 MMT (759.4 mbu), which is up 37.5 yr/yr.
Export Sales data from Friday showed marketing year soybean sales at 33.035 MMT, which is 22% below the same week last year, vs. USDA calling for a 15% drop. That is also 77% of USDA’s number and 8 percentage points behind normal.
Brazil’s soybean crop is estimated at 4.9% harvested as of Thursday according to AgRural, ahead of the 2.9% pace last year. The crop estimate was raised 0.6 MMT to 181 MMT.
Mar 26 Soybeans closed at $10.61 3/4, down 6 cents,
Nearby Cash was $9.92 1/4, down 5 1/2 cents,
May 26 Soybeans closed at $10.74, down 5 1/2 cents,
Jul 26 Soybeans closed at $10.87 1/2, down 5 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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