Soybeans closed out the Monday session with contracts up 12o 16 cents in most of the nearbys. CmdtyView’s national front month Cash Bean price was up 20 1/2 cents at $9.97. Soymeal futures were up $2.30/ton, with Soy Oil futures 28 points higher.
On Saturday President Trump signed an executive order to impose an additional 10% tariff on Chinese goods, starting on Tuesday. While both imports for Canada and Mexico have been pushed back, the Chinese tariffs are still in place, though President Trump is expected to meet with President XI this week.
Ag Market Commentary:
Soybean shipments totaled 1.013 MMT (37.23 mbu) in the week that ended on January 30, according to USDA’s Export Inspections report. That was a drop of 42.1% from the same week last year but up 37.3% from the week prior. China was the top destination of 347,946 MT, with 112,147 MT headed to Mexico, and 103,312 MT destined for Japan. Marketing year shipments have totaled 34.066 MMT (1.252 bbu), which is 157% larger than the same time period in 2023/24.
This afternoon’s monthly Fats & Oils report indicated a total of 217.7 mbu of soybeans were crushed during December. That was in line with estimates and a 3.65% increase from November and 6.57% larger than last year. Soy oil stocks were below estimates at 1.696 billion lbs, a drop of 7% from a year ago.
AgRural pegs the Brazilian soybean crop at 9% harvested as of Thursday, behind the 16% from last year. Celeres estimates the Brazilian crop at 174 MMT, up 3.2 MMT from their previous estimate. StoneX, on the other hand, trimmed their estimate by 0.51 MMT to 170.89 MMT.
Mar 25 Soybeans closed at $10.58 1/4, up 16 1/4 cents,
Nearby Cash was $9.97 0/1, up 20 1/2 cents,
May 25 Soybeans closed at $10.72 3/4, up 15 1/4 cents,
Nov 25 Soybeans closed at $10.63 1/4, up 12 1/4 cents,
New Crop Cash was $9.99 1/1, up 13 cents
