Soybeans Trying to Hold onto Gains at Midday
Soybeans are trading with midday action of down ¼ cent for November and other contracts 1 to 2 cents higher. The cmdtyView national average Cash Bean price is 1/4 cent higher at $9.31 1/4. Soymeal futures are down $1.20/ton, with Soy Oil up 65 points in the day, as crude oil bounces.
NOPA crush data is expected to be released on Wednesday, showing September crush. CONAB data will be out on Tuesday, showing Brazil soybean production estimates.
On Friday, President Trump announced a new 100% tariff on Chinese goods starting November 1, as well as imposing export controls on any critical software. Later over the weekend he stated to “don’t worry about China,” with markets taking a whiplash approach back higher on the walk back.
Brazil’s soybean planting is 14% complete by Thursday according to Ag Rural, up from the 8% in the same period last year. China’s soybean imports in September totaled 12.87 MMT, up from the 12.28 MMT in August and 13.2% above the same month last year. None of that was US sourced, with a heavy load from Brazil.
Nov 25 Soybeans are at $10.06 1/2, down 1/4 cent,
Nearby Cash is at $9.31 1/4, up 1/4 cent,
Jan 26 Soybeans are at $10.24 1/2, up 1 1/4 cents,
Mar 26 Soybeans are at $10.38 3/4, up 1 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.
