Soybeans are losing another 10 to 13 cents so far on Tuesday, after China’s overnight retaliatory action against additional US tariffs. There were another 247 deliveries issued against March soybeans overnight. The cmdtyView national front month Cash Bean price was down 10 cents at $9.34 3/4. Soymeal futures are down $4.20/ton at midday, with Soy Oil futures 50 points lower. There were 1,012 deliveries against March soybean meal overnight, with 215 deliveries for March bean oil.
USDA reported a private export sale of 20,000 MT of soybean oil to unknown destinations this morning for 2024/25 shipment
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In response to the additional 10% tariff on Chinese goods, China has suspended imports on 3 US export firms as well as issuing a 10% tariff on imports of US soybeans. For reference, there is 1.569 MMT left in unshipped sales to China.
Monday afternoon’s Fats & Oils report showed January crush totaling 212.5 mbu. That was a 2.36% decline from last month but still 9.41% larger yr/yr. Bean oil stocks were tallied at 2.09 billion lbs at the end of January, up 3.06% from last year.
Mar 25 Soybeans are at $9.86 3/4, down 11 1/2 cents,
Nearby Cash is at $9.35 3/4, down 10 cents,
May 25 Soybeans are at $10.00 1/2, down 11 cents,
Nov 25 Soybeans are at $10.05 3/4, down 13 cents,
New Crop Cash is at $9.43 1/2, down 12 1/4 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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