Soybean Slipping Lower on Tuesday

Soybeans are easing back lower on Tuesday, with contracts down 1 to 2 ½ cents. The cmdtyView national average Cash Bean price is 2 3/4 cents lower at $9.80 1/4. Soymeal futures are showing gains of $2.50 to $3.20 so far on Tuesday, with Soy Oil futures slipping back 30 to 35 points lower.

USDA’s second release of Export Sales data this week showed soybean sales in the week of December 11 at 2.396 MMT, in the middle of estimates of 1.8-2.9 MMT. That was a marketing year high, the largest in over a year, 68.3% larger than the same week last year. China was the buyer of 1.38 MMT in that week, with the total known sales to China at 6.2 MMT, including the daily sales from the last couple weeks.

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Soy meal sales exceeded the trade range of estimates of 275,000-550,000 MT at 616,453 MT. Bean oil sales were on the low end of the estimated range of 5,000-24,000 MT at 8,660 MT.

Jan 26 Soybeans  are at $10.50 3/4, down 2 1/2 cents,

Nearby Cash  is at $9.80 1/4, down 2 3/4 cents,

Mar 26 Soybeans  are at $10.63 3/4, down 1 1/4 cents,

May 26 Soybeans  are at $10.74 1/2, down 1 cent,

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. This article was originally published on Barchart.com