Soybeans slipped back on Tuesday, closing 1 to 3 cents lower, as USDA made no changes to the US balance sheet. The cmdtyView national front month Cash Bean price was down 2 cents at $9.47 1/4. Soymeal futures were steady to down 50 cents/ton in the nearbys, with Soy Oil futures 28 points lower.
USDA’s WASDE report from this morning showed no changes to the US balance sheet, as the carryout was left at 380 mbu. That was in line with estimates. The US cash average price was trimmed by 15 cents to $9.95.
USDA also made no changes to the major world suppliers, as Brazil (169 MMT) and Argentina (49 MMT) were both left unchanged. However, there was a 2 MMT increase to Chinese crush, which did help to cut back their ending stock to 43.96 MMT. The World ending stocks total was down 2.93 MMT to 121.41 MMT, mainly on the Chinese cut, as well as a reduction to Argentina (1 MMT increase in crush).
Brazil’s March soybean exports are expected to total 15.45 MMT, according to ANEC, up from the 14.8 MMT in their prior estimates. Some Argentine oilseed union workers are planning to go on strike starting Wednesday at processing plants
Mar 25 Soybeans closed at $9.97 3/4, down 2 cents
Nearby Cash was $9.47 1/4, down 2 cents
May 25 Soybeans closed at $10.11 1/4, down 2 3/4 cents
Nov 25 Soybeans closed at $10.15 1/2, down 2 1/4 cents
New Crop Cash was $9.51, down 2 1/4 cents
