Soybeans Holding Tuesday AM Losses as Fast Plant Pace Continues
Soybeans are leaking lower early on Tuesday morning as USDA reports a speedy planting pace. Contracts are down 2 to 5 cents, after falling lower on Monday, with contracts down 8 to 13 cents across most months at the close. Preliminary open interest was down 1,015 contracts on Monday. There were another 3 deliveries for May soybeans overnight, with just 1 for May meal and 0 for bean oil. CmdtyView’s national front month Cash Bean price was down 13 cents at $9.93. Soymeal futures were down $1.40 to $2.20/ton, with Soy Oil futures falling 42 to 71 points.
Export Inspections data showed a total of 324,101 MT (11.91 mbu) of soybeans shipped during the week of May 1. That was an drop of 29.2% from the previous week and 9.5% below the same week last year. Mexico was the largest destination of 81,888 MT, with 68,099 MT headed to China and 58,091 MT to Japan. Marketing year exports have totaled 43.46 MMT (1.597 mbu) since September 1, which is 11.2% above the same period last year.
Soybean planting was pegged at 30% complete as of Sunday per USDA, which is ahead of the 23% average pace and the 24% from the same date last year. The crop was listed at 7% emerged, 2 percentage points faster than average.
May 25 Soybeans closed at $10.38, down 10 3/4 cents, currently unch
Nearby Cash was $9.93, down 13 cents,
Jul 25 Soybeans closed at $10.45 1/2, down 12 1/2 cents, currently down 2 cents
Nov 25 Soybeans closed at $10.22 1/4, down 8 1/4 cents, currently down 3 3/4 cents
New Crop Cash was $9.59 1/4, down 9 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.