Soybeans Weaker at Midday as Product Pressure Persists
Soybeans are trading with contracts down fractionally to 2 cents. They were felling pressure from the products on Tuesday, as contracts were down 8 ¼ to 13 ¾ cents. CmdtyView’s national front month Cash Bean price is down 3 cents at $9.55. Soymeal futures are down $1.80/ton. Soy Oil futures continue to head lower, with losses of 100 points.
Lee Zeldin, President-elect Trump’s pick for EPA head has a history of being less friendly towards RFS policy, which has likely been a pressure point for bean oil this week.
Tuesday afternoon’s Crop Progress report indicated the US soybean crop at 96% complete by Sunday, above the 91% average pace for that date. This was the final national update on beans for the growing season.
China’s COFCO expects Chinese imports during the 2024/25 marketing year to drop 9.5% to 98.8 MMT.
Nov 24 Soybeans are at $10.03, down 1/2 cent,
Nearby Cash is at $9.55, down 3 cents,
Jan 25 Soybeans are at $10.07 1/4, down 3 1/4 cents,
May 25 Soybeans are at $10.30 1/4, down 5 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.