Soybeans are trading with fractional to 1 cents losses in the nearbys on Monday. CmdtyView’s national front month Cash Bean price is down 3/4 cent at $9.88. Soymeal futures are down 50 cents/ton, with Soy Oil futures 22 points lower.
Weekly Export Inspections data from USDA showed a total of 1.104 MMT (40.57 mbu) of soybean shipped in the week ending on February 6. That was a 3.2% drop from the week prior and 17.8% below the same week last year. China was the top destination of 554,661 MT, with 159,855 MT headed to Egypt and 68,656 MT destined for Germany.
The monthly WASDE report will be released on Tuesday, with traders surveyed by Reuters calling for a 6 mbu reduction to ending stocks at 374 mbu. South American estimates are split, with Brazil expected to be up 0.64 to 169.64 MMT and Argentina down 1.51 MMT to 50.49 MMT. World stocks of beans are projected to be down 0.58 MMT to 127.79 MMT.
Soybean speculators added just 533 contracts to their net long position as of February 4 to 57,029 contracts according to CFTC data released on Friday afternoon.
Brazil’s Trade Ministry pegs the January soybean export total at 1.072 MMT. That is down 62.43% from last year and a 46.5% drop from the December total. AgRural estimated the country’s soybean harvest at 15% complete, which lags the 23% pace from this early last year.
Mar 25 Soybeans are at $10.48 3/4, down 3/4 cent,
Nearby Cash is at $9.88, down 3/4 cent,
May 25 Soybeans are at $10.64 1/2, down 1 cent,
Nov 25 Soybeans are at $10.56 3/4, down 3/4 cent,
New Crop Cash is at $9.93 1/2, down 3/4 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.
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