The soybean market is mixed this morning, with nearby contracts up 1 to 3 cents, and new crop November down 1 ½ cents. Futures saw a continuation of the Monday spreading, as front months were up 4 ¼ to 9 ¾ cents. New crop contracts were down 2 to 5 cents at the close. Soybean preliminary open interest was down 11,635 contracts on Tuesday. CmdtyView’s national front month Cash Bean price was up 11 cents at $9.38. Soymeal futures were up a dime to $2.60/ton, with Soy Oil futures back down 15 to 29 points.
The addition 50% tariffs on China are set to go into effect today April 9, taking the new total to 104% on all Chinese goods. Overnight, China retaliated with a 50% increase on US goods, taking to total to 84% to be implemented on Thursday.
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The coalition of oil and biofuel industry reps asked the EPA to set the new biodiesel volume at 5.25 billion gallons, according to a Reuters report. That would be an improvement from the current 3.35 billion gallons, but shy of the initially expected 5.5 to 5.75 billion gallons
USDA will update the US and World balance sheets on Thursday via the monthly WASDE. The trade is looking for US carryout to be tallied at 379 mbu according to a Reuters survey of analysts, vs. 380 mbu in last month’s report.
May 25 Soybeans closed at $9.92 3/4, up 9 3/4 cents, currently up 3 ¼ cents
Nearby Cash was $9.38 1/1, up 11 cents,
Jul 25 Soybeans closed at $10.04, up 7 cents, currently up 1 ½ cents
Nov 25 Soybeans closed at $9.77 3/4, down 3 1/4 cents, currently down 1 ½ cents
New Crop Cash was $9.16 1/4, down 2 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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