Soybean Holding Gains at Tuesday’s Midday
Soybean futures are holding onto gains at Tuesday with contracts fractionally to 2 cents higher. CmdtyView’s national front month Cash Bean price is back down 1 1/2 cents at $9.43. Soymeal futures are up $2.10/ton at the close. There were another 200 deliveries issued by Bunge’s house account overnight. Soy Oil futures are down 25 points on the session.
The USDA decided to punt on this month’s report for the US soybean balance sheet, with not changes across the board, with exception to the cash average prices which was dropped by 60 cents to $10.20. For the world numbers, carryout was up 0.13 MMT at 131.87 MMT, as Brazilian production was left at 169 MMT and Argentina was up 1 MMT to 52 MMT.
ANEC estimates the Brazilian December soybean exports at 1.57 MMT, a 0.33 MMT increase from their previous number. China’s soybean imports in November were tallied at 7.15 MMT, which takes the calendar year total to 97.09 MMT, a 9.4% increase from last year.
Jan 25 Soybeans are at $9.91 3/4, up 1 3/4 cents,
Nearby Cash is at $9.43, up 1 1/2 cents,
Mar 25 Soybeans are at $9.97, up 1 1/2 cents,
Jul 25 Soybeans are at $10.17, up 1/4 cent,
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.