Soybeans Showing Slight Weakness on Tuesday

Soybeans are trading with contracts 3 to 5 cents lower so far on Tuesday. The cmdtyView national average Cash Bean price is down 3 3/4 cents at $12.23 1/2. Soymeal futures are $1.60 to $4.40 lower, with Soy Oil futures down 40 to 65 points. There was 51 deliveries against October soybean oil overnight. October expires on Wednesday.  

The Tuesday Export Inspections report showed soybean shipments of 1.097 MMT (40.29 mbu) in the week of 10/8. That was up 7.8% from the same week last year but down 8.6% from the week prior. China was the largest destination of 649,252 MT, with 99,756 MT shipped to Mexico and 79,022 MT to Egypt. Shipments for the marketing year are now at 5.144 MMT (189.04 mbu) of soybeans, which is now 26.6% ahead the same period last year.

The harvest window is open for another couple days, though some rains are expected by Thursday in parts of the Southern Plains through MO, southern IA, IL, IN and OH, with other parts of the Corn Belt getting lighter totals.

China’s Sinograin sold 209,904 MT of soybeans at an auction of state reserves, 40.5% of the 518,000 MT offered.

Nov 26 Soybeans  are at $12.84 1/2, down 3 1/4 cents,

Nearby Cash  is at $12.23 1/2, down 3 3/4 cents,

Jan 27 Soybeans  are at $13.00 3/4, down 4 cents,

Mar 27 Soybeans  are at $13.09 1/4, down 5 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.