Soybeans Bounce on Turnaround Tuesday

Soybeans close out the Tuesday session with most contracts 9 to 10 ½ cents in the green, as front months were 1 ¾ to 3 ¾ cents higher. The cmdtyView national average Cash Bean price was up 2 cents at $10.82 3/4. Soymeal futures are were 20 cents to $1.30 lower in the front, with Soy Oil futures 137 to 210 points higher. Crude was up $2.52 on the day. 

After statements on Monday that the US/China meeting could be delayed, President Trump stated this morning that they are resetting the meeting with China. The meeting between the two countries is expected to be in mid/late April.
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ANEC estimates the Brazilian soybean exports for March at 16.32 MMT, a reduction of 16.47 MMT from the previous number. Officials from Brazil are expected to visit China next week to discuss recent sanitary complaints and negotiate inspections framework. 

EU soybean imports from July 1 to March 15 were tallied at 8.74 MMT according to the European Commission, down from 9.81 MMT last year.

May 26 Soybeans  closed at $11.57, up 1 3/4 cents,

Nearby Cash  was $10.82 3/4, up 2 cents,

Jul 26 Soybeans  closed at $11.71 1/4, up 3 3/4 cents,

Nov 26 Soybeans  closed at $11.31 1/4, up 10 1/2 cents,

New Crop Cash  was $10.69 1/1, up 10 1/2 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.

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