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Soybeans Falls into Tuesday’s Close
Soybeans faced pressure on Tuesday as contracts were down 3 ¼ to 8 ¾ cents across the board. CmdtyView’s national front month Cash Bean price wawas down 6 3/4 cents at $9.12. Soymeal futures were down 70 cents $3/ton on the day. Soy Oil saw some recovery, with 4 to 13 point gains across the board.
The average close for November soybean futures so far in October is $10.05. That is $1.50 below the February base insurance price.
Crop Progress data indicated the US soybean harvest at 89% complete by Sunday, 11% ahead of the 5-year average pace of 78%. Across the 18 major States USDA reports, each were reported with faster than average pace.
Rains in South America and more in the forecast added some pressure. Brazil’s soybean exports for October are expected to total 4.58 MMT according to ANEC estimates, down 0.05 MMT from last week’s number and below the 5.53 MMT from last year.
Nov 24 Soybeans closed at $9.65 1/4, down 8 3/4 cents,
Nearby Cash was $9.12, down 6 3/4 cents,
Jan 25 Soybeans closed at $9.79, down 7 cents,
May 25 Soybeans closed at $10.09 3/4, down 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.