Soybeans Posting Gains as Argentine Export Tax Reinstated

Soybeans are trading with 6 to 7 cent gains across the front months on Thursday morning. Futures closed out Wednesday with losses of 1 to 3 ¼ cents across the board, pulling off the early session gains. Preliminary open interest rose 2,974 contracts on Wednesday. The cmdtyView national average Cash Bean price was 2 cents lower at $9.33 3/4. Soymeal futures were down $1 to $3.40 on the day, with Soy Oil futures closing 1 to 6 points lower.

Argentina’s suspension of export taxes was lifted overnight, due to hitting the $7 billion target in exports within the first couple days.  A Chinese commerce ministry spokesperson urged the US to eliminate “unreasonable tariffs” when asked on the lack of soybean purchases from the US overnight.

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Export Sales data will be released on this morning, as traders are looking for between 0.6 and 1.6 MMT in soybean sales in the week of 9/18. Meal sales are seen at 150,000 to 450,000 MT in total, with bean oil between net reductions of 10,000 and sales of 30,000 MT.

Brazilian soybean exports for September are expected to total 7.15 MMT according to ANEC, which is a 0.38 MMT drop from the estimate last week.

Nov 25 Soybeans  closed at $10.09, down 3 cents, currently up 6 cents

Nearby Cash  was $9.33 3/4, down 3 cents,

Jan 26 Soybeans  closed at $10.28 1/2, down 3 1/4 cents, currently up 6 ¼ cents

Mar 26 Soybeans  closed at $10.44 3/4, down 3 cents, currently up 6 ½ 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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