On Monday, soybean contracts rose by 5 to 10 cents, with CmdtyView’s national front month Cash Bean price reaching $9.90 1/4, a gain of 13.5 cents. This comes shortly after President Trump signed an executive order imposing an additional 10% tariff on Chinese goods, effective Tuesday. Soymeal futures increased by 90 cents per ton, while Soy Oil futures were up 35 points.
USDA’s Export Inspections report for the week ending January 30 indicated soybean shipments totaled 1.013 million metric tons (MMT), a 42.1% decline from the same week last year but a 37.3% increase from the previous week. The leading destination was China, receiving 347,946 MT, followed by Mexico with 112,147 MT, and Japan with 103,312 MT. CFTC data showed managed money increased their net long positions by 16,166 contracts as of January 28, totaling 56,496 contracts.
In other developments, AgRural reported that 9% of the Brazilian soybean crop was harvested as of Thursday, down from 16% last year, while Celeres revised their Brazilian crop estimate to 174 MMT, an increase of 3.2 MMT from earlier predictions. Later today, the USDA will publish its monthly Fats & Oils report, with estimates suggesting 217.6 million bushels of soybeans were crushed in December.
