Soybeans Showing Quiet Pre-USDA Report Trade

Soybeans are trading with fractionally mixed action so far on Tuesday morning. Futures closed with contracts down 1 to 6 ¾ cents across the board on Monday, holding near session lows. Open interest was up 7,449 contracts on Monday. The cmdtyView national average Cash Bean price was down 5 1/4 cents at $11.25. Soymeal futures were mixed, with contracts down $3.20 to $1.50 higher and led by the nearbys, as Soy Oil futures were down 7 to 23 points.

Crop Progress data from Monday afternoon indicated 92% of the US soybean crop harvested as of Sunday, now 1 point ahead of average.

Export Inspections data showed soybean shipments at 1.896 MMT (69.67 mbu) shipped in the week that ended on November 5. That was down 24.5% from last week but up 68.6% from the same week last year. China was the top destination of 1.266 MMT, with 176,994 MT to Mexico and 171,187 MT to Bangladesh. Marketing year shipments have totaled 14.14 MMT (519.74 mbu), which is up 58.3% yr/yr.

Crop Production data will be released today from NASS, as a Bloomberg survey of analysts are looking for yield to be raised by 0.4 bushel per acre to 53.5 bpa. Production is seen at 4.596 billion bushels, up 34 mbu from the previous number if realized. WASDE data is expected to show US bean ending stocks up 17 mbu to 332 mbu.

USDA’s annual baseline projections were released on Monday showing an arm chair projection of 87.5 million soybean acres for 2027/28, up from 86.9 million this year if realized.

Chinese soybean imports during October were tallied at 7.35 MMT, down from 11.88 MMT in September 

Nov 26 Soybeans  closed at $11.82 1/4, down 6 3/4 cents, currently up 4 3/4 cents

Nearby Cash  was $11.25, down 5 1/4 cents,

Jan 27 Soybeans  closed at $11.88 1/4, down 5 1/2 cents, currently down 3/4 cent

Mar 27 Soybeans  closed at $11.95, down 4 1/4 cents, currently down 1/2 cent

Nov 27 Soybeans  closed at $11.74 1/2, down 3 cents, currently unch

New Crop Cash  was $11.06, down 3 cents,

On the date of publication, Austin Schroeder did not directly have a position 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.