Soybean Slipping Back Lower to Kickoff Wednesday
Soybeans are trading with losses of 6 to 8 cents so far in early Wednesday trade. The soybean market posted 10 to 17 cent gains on the Tuesday session. Contracts were well off their Tuesday morning lows as beans were left off a list of Chinese retaliatory tariffs. Preliminary open interest was up 7,039 contracts. CmdtyView’s national front month Cash Bean price was up 16 cents at $10.13 1/4. Soymeal futures were up $10.30/ton, with Soy Oil futures 75 points lower.
Meal futures were helped by dryness expected in parts of Argentina over the next week, as the growing season is getting into a more critical part of the period.
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. On Tuesday morning, China issued a retaliatory 15% tariffs on coal and LNG, and 10% on crude oil, ag machinery, and other automobiles starting on February 10. President Trump's meeting with President XI was expected to take place on Tuesday, but the two did noy speak.
Mar 25 Soybeans closed at $10.75, up 16 3/4 cents, currently down 8 cents
Nearby Cash was $10.13 1/4, up 16 cents,
May 25 Soybeans closed at $10.88, up 15 1/4 cents, currently down 6 3/4 cents
Nov 25 Soybeans closed at $10.73 1/2, up 10 1/4 cents, currently down 7 3/4 cents
New Crop Cash was $10.09, up 10 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.
