Soybeans are trading with gains of 2 to 4 cents on Tuesday, remaining steady as the USDA made no alterations to the US balance sheet. The cmdtyView national front month Cash Bean price has increased by 3 1/4 cents, now at $9.53 3/4. Meanwhile, soymeal futures are up 60 cents per ton in the near months, while Soy Oil futures have declined by 9 points. Notably, there were no deliveries against March beans overnight; however, there was 1 delivery for March soy meal and 195 for March bean oil.

The USDA’s WASDE report released this morning showed stability in the US balance sheet, keeping the carryout unchanged at 380 million bushels, which aligns with market estimates. The average cash price in the US was adjusted down by 15 cents to $9.95.

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In its report, the USDA also maintained projections for major world producers. Brazil remains at 169 million metric tons, and Argentina stays at 49 million metric tons. However, there was a 2 million metric ton increase in Chinese crush, which helped lower their ending stocks to 43.96 million metric tons. Globally, ending stocks decreased by 2.93 million metric tons to 121.41 million metric tons, largely due to the cuts in Chinese numbers and a slight adjustment in Argentina’s figures with a 1 million metric ton rise in crush.

Mar 25 Soybeans are priced at $10.03 1/4, reflecting an increase of 3 1/2 cents.

Nearby Cash is currently at $9.53 3/4, up 3 1/4 cents.

May 25 Soybeans are at $10.17, marking a rise of 3 cents.

Nov 25 Soybeans are now priced at $10.20 3/4, also up 3 cents.

New Crop Cash stands at $9.55 1/2, reflecting a rise of 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
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