Soybeans Come Back to Close Mixed
Soybeans settled the Tuesday session with nearby contracts down ¼ to 2 ¼ and the rest of the board up 1 to 2 ½ cents. CmdtyView’s national front month Cash Bean price was down 2 1/4 cents at $9.33. Soymeal futures were down $1.60 to $5.60/ton on the day. Soy Oil futures were back up 89 to 138 points on the session.
President-elect Trump has threatened an additional 10% tariff on Chinese goods on top of any existing tariffs via a Truth Social post form Monday evening. This is in response to assumed drugs coming into the US from China according to the post. This would be seen as a positive for bean oil use by curbing used cooking oil imports, though potential retaliatory tariffs on beans into China is a larger risk.
Brazil’s soybean exports are expected to total 2.46 MMT during November, according to the latest ANEC estimates, which is a 340,000 MT reduction from last week’s estimate.
Jan 25 Soybeans closed at $9.83 1/2, down 2 1/4 cents,
Nearby Cash was $9.33, down 2 1/4 cents,
Mar 25 Soybeans closed at $9.94, down 1/4 cent,
Jul 25 Soybeans closed at $10.21 1/2, up 1 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.