Soybeans are currently fractionally to 3 cents lower in early Tuesday futures action. Soybean futures were 8 ¼ to 10 ½ cents weaker to start the week. July held above the $12 mark for the close, while May spiked over the $12 mark only at the high of the day and was unable to hold it. Long liquidation was noted, particularly in the May contract, and open interest was down 2262 contracts overall. Soymeal futures were $2.40 to $2.80 lower on the day. Front month Soy Oil futures closed 60 to 72 points lower.
Brazilian sources had soybean harvest mostly near 63% complete, which was mostly even with to slightly ahead of last year’s pace.
USDA reported 686,181 MT of soybeans were exported during the week that ended 3/14. That was a decline from 784k MT inspected last week and from 720k MT during the same week last year. USDA added late reported soybean exports to past weeks which put the season’s total at 35.77 MMT. That compares to 44.06 MMT at this point last year.
May 24 Soybeans closed at $11.87 3/4, down 10 1/2 cents, currently down 3 cents
Nearby Cash was $11.31 3/8, down 10 3/8 cents,
Jul 24 Soybeans closed at $12.02 1/4, down 10 1/4 cents, currently down 2 3/4 cents
Nov 24 Soybeans closed at $11.80 1/2, down 10 1/4 cents, currently down 2 1/4 cents
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