Soybeans are falling 7 to 8 cents in the nearbys on Wednesday AM trade, with new crop down 2 cents. Futures 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. Preliminary open interest showed some getting out, dropping 39,117 contracts 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.
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, currently down 7 1/4 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, currently down 7 cents
Nov 26 Soybeans closed at $11.31 1/4, up 10 1/2 cents, currently down 2 cents
New Crop Cash was $10.69 1/1, up 10 1/2 cents,
