Soybeans Starting Tuesday with Turnaround Action

Soybeans are reverting back higher on Tuesday morning with gains of 6 to 7 cents as trade talks are planned for this week.  Futures posted losses of 9 to 11 cents across most contracts on Monday. Preliminary open interest showed some lings exiting, down 17,277 contracts. The cmdtyView national average Cash Bean price was down 11 cents at $9.77. Soymeal futures were mixed, with contracts down $2 to 70 cents higher. Soy Oil futures were down 18 to 53 points.

A Chinese trade official is heading to D.C. this week for meetings with US trade reps according to a Wall Street Journal report.

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Crop Progress data from NASS on Monday afternoon showed a total of 89% of the US soybean crop setting pods and 4% dropping leaves, on par with the 5-year average. Condition ratings were up 1% to 69% gd/ex, with the Brugler500 index 1 point higher to 374.

Monday morning’s Export Inspections report showed a total of 382,806 MT (14.07 mbu) of soybeans shipped in the week of 8/21. That is 8.8% below the same week last year and down 23.9% from the week prior. Indonesia was the largest buyer of 84,491 MT, with 83,054 MT shipped to Mexico and 71,495 MT to Italy. Marketing year shipments are now at 49.28 MMT (1.810 bbu), which is 11.5% above the same period last year.

Sep 25 Soybeans  closed at $10.25 1/2, down 11 cents, currently up 7 cents

Nearby Cash  was $9.77, down 11 cents,

Nov 25 Soybeans  closed at $10.47 3/4, down 10 3/4 cents, currently up 6 ¼ cents

Jan 26 Soybeans  closed at $10.67 3/4, down 9 1/4 cents, currently up 6 cents

New Crop Cash  was $9.69 1/2, down 11 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

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