The soybean market posted a round of 2 to 3 cent losses on Friday, shrugging off midday gains. March slipped 13 ¾ cents on the week. CmdtyView’s national front month Cash Bean price was down 3 1/2 cents at $9.77 3/4. Soymeal futures were down $3.60/ton, with Soy Oil futures down 113 points. Late session pressure came on the beans as President Trump hinted at the February 1 date for 10% of tariffs on Chinese goods remaining.
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.
On Monday, 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.
Export Sales data from the USDA showed total export sale commitments at 42.683 MMT, which is 86% of USDA’s projection, ahead of the 84% average.
The Buenos Aires Grains Exchange tallied the Argentina soybean crop at 20% excellent, down 2% from the previous number, shifting to the poor category at 28%.
Mar 25 Soybeans closed at $10.42, down 2 cents,
Nearby Cash was $9.77 3/4, down 3 1/2 cents,
May 25 Soybeans closed at $10.57 1/2, down 2 1/4 cents,
Nov 25 Soybeans closed at $10.51, down 2 1/2 cents,
New Crop Cash was $9.86 1/1, down 2 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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