Soybeans are showing fractional gains at midday on Tuesday, after overnight gains faded to early session losses this morning. The cmdtyView national average Cash Bean price is 1 1/4 cents higher at $10.85 3/4. Soymeal futures are back down $4.10 at midday, with Soy Oil futures 115 to 116 points higher.
USDA reported a total of 792,000 MT of soybeans sold to China via their daily announcement system this morning. Wire had reports indicated at least 14 cargoes (~840,000 MT) were purchased by China on Monday, with some pushing that number towards 20 cargoes (1.2 MMT).
USDA’s Crop Progress report from this week showed a total of 95% of the US soybean crop harvested as of Sunday, slightly behind the 96% average pace.
Brazil’s soybean crop is estimated at to hit 177.7 MMT according to Abiove, a reduction of 0.8 MMT from their previous number.
Jan 26 Soybeans are at $11.58, up 3/4 cent,
Nearby Cash is at $10.85 3/4, up 1 1/4 cents,
Mar 26 Soybeans are at $11.64, up 3/4 cent,
May 26 Soybeans are at $11.70 1/4, up 1/4 cent,
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