Austin Schroeder – Barchart
Tue Jan 28,
Soybeans posted stronger action on Tuesday, most contracts were steady to 5 cents higher. CmdtyView’s national front month Cash Bean price was down 1 cent at $9.83. Soymeal
futures were up $1.3/ton, with Soy Oil futures up 11 to 19 points in the front months on the session.
CONAB estimates the Brazilian soybean crop at 3.2% harvested, behind the 8.6% pace from last year.
ANEC estimates the Brazilian soybean exports during January at 1.5 MMT, a reduction of 720,000 MT from their previous estimate. That would be a drop of 21.47% from December and 31.3% below January 2024.
Dr. Michael Cordonnier estimates the Argentina soybean crop at 49 MMT, a 2 MMT reduction from his previous number. The Brazilian soybean estimate was left along at 170 MMT.
Mar 25 Soybeans closed at $10.45, unch, Nearby Cash was $9.83, down 1 cent, May 25 Soybeans closed at $10.59 1/2, up 1 cent, Nov 25 Soybeans closed at $10.47 1/2, up 4 1/4 cents, New Crop Cash was $9.83 3/4, up 4 cents. (Source: www.barchart.com)