Soybeans Higher to Start Tuesday Trade

ZS=F +0.07% CL=F -0.38%

Soybeans are showing Tuesday morning gains of 2 to 3 cents. Futures were lower on Monday, with contracts down 1 to 2 cents in the nearbys, and strength in some 2026 contracts. Open interest suggested a rotation on ownership, up just 379 contracts. The cmdtyView national average Cash Bean price was down 1 1/2 cent at $10.50 1/2. Soymeal futures were down 50 to 90 cents in the nearbys, with deferreds up 80 cents to $1.80. Soy Oil futures were 2 to 8 points lower, with other contracts steady to 6 points higher.

USDA reported a private export sale of 123,000 MT of soybeans to China on Monday morning. In a CNBC interview this morning, Ag Secretary Rollins indicated the US and China would be “inking a deal this week or next week” in terms of the 12 MMT soybean commitments that have been previously reported. President Trump and China’s President Xi had a phone call earlier on Monday, discussing several things including soybeans.

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Export Inspections data showed the lowest soybean export total for this week since 2006 at just 799,042 MT (29.36 mbu) shipped in the week that ended on November 20. That was a drop of 33.7% from the week prior and a massive 62.3% reduction from same week last year. Bangladesh was the top destination of 152,725 MT, with 140,821 MT to Algeria and 95,398 MT to Taiwan. China has remained mute as a destination. Marketing year shipments have totaled just 10.937 MMT (401.87 mbu), a 44.5% drop yr/yr.

USDA will release Export Sales data on Tuesday AM, with traders looking for between 0.5-1.4 MMT of soybeans sold in the week of 10/9. Meal sales are seen at 150,000-400,000 MT, with bean oil sales at 5,000-30,000 MT for the delayed data.

Jan 26 Soybeans  closed at $11.23 1/4, down 1 3/4 cents, currently up 2 3/4 cents

Nearby Cash  was $10.50 1/4, down 1 1/2 cents,

Mar 26 Soybeans  closed at $11.32, down 2 1/4 cents, currently up 2 1/4 cents

May 26 Soybeans  closed at $11.42, down 1 1/4 cents, currently up 2 1/2 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. This article was originally published on Barchart.com