Soybeans are shaking off much if the trade threat so far on Monday, with contracts 5 to 10 cents higher at midday. CmdtyView’s national front month Cash Bean price is up 13 1/2 cents at $9.90 1/4. Soymeal futures are up 90 cents/ton, with Soy Oil futures 35 points higher. On Saturday President Trump signed an executive order to impose an additional 10% tariff on Chinese goods, starting on Tuesday.
Soybean shipments totaled 1.013 MMT (37.23 mbu) in the week that ended on January 30, according to USDA’s Export Inspections report. That was a drop of 42.1% from the same week last year but up 37.3% from the week prior. China was the top destination of 347,946 MT, with 112,147 MT headed to Mexico, and 103,312 MT destined for Japan. Marketing year shipments have totaled 34.066 MMT (1.252 bbu), which is 157% larger than the same time period in 2023/24.
CFTC data showed managed money adding 16,166 contracts to their net long as of January 28, taking the total to 56,496 contracts as of Tuesday.
Later today, USDA will release their monthly Fats & Oils report, with analysts estimating 217.6 mbu of soybeans crushed in December. Soy oil stocks are seen at 1.734 billion lbs.
AgRural pegs the Brazilian soybean crop at 9% harvested as of Thursday, behind the 16% from last year. Celeres estimates the Brazilian crop at 174 MMT, up 3.2 MMT from their previous estimate.
Mar 25 Soybeans are at $10.51 1/4, up 9 1/4 cents,
Nearby Cash is at $9.90 1/4, up 13 1/2 cents,
May 25 Soybeans are at $10.65 1/2, up 8 cents,
Nov 25 Soybeans are at $10.56, up 5 cents,
New Crop Cash is at $9.92 1/2, up 5 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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