Soybeans are trading with Tuesday losses of 9 to 11 cents so far on Tuesday. The cmdtyView national average Cash Bean price is 11 cents lower at $9.66 1/2. Soymeal futures are a pressure factor, down $36 to $6.80, as Soy Oil futures are up 90 to 97 points. There were 26 deliveries issued against soybeans on Friday night, with 30 for January bean oil.
USDA reported a private export sale of 168,000 MT of soybeans to China this morning, with 152,404 MT reported as sold to Mexico.
Crop Production from Monday showed the NASS soybean yield at 53 bpa, which was unchanged from the November report. Acreage was slightly higher on the harvested side to 80.4 million acres. Production was just 9 mbu higher to 4.262 bbu. Quarterly Grain Stocks data showed December 1 soybean stocks at 3.29 bbu. That was 190 mbu larger vs. last year.
WASDE data took the production adjustment into account, as USDA also adjusted exports down 60 mbu to 1.575 bbu and crush up 15 mbu to 2.57 bbu. That took the US ending stock number 60 mbu higher to 350 mbu. USDA did raise the Brazilian soybean production 3 MMT to 178 MMT.
Late on Monday afternoon, President Trump threatened a 25% tariff on any country doing business with Iran, with biggest concern being China. There has been no response from China.
Sinograin sold 1.1 MMT of soybeans in their auction of Chinese state reserves on Tuesday.
Jan 26 Soybeans are at $10.23 3/4, down 9 1/4 cents,
Nearby Cash is at $9.66 1/2, down 11 cents,
Mar 26 Soybeans are at $10.38 1/4, down 10 3/4 cents,
May 26 Soybeans are at $10.51 3/4, down 10 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.
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