Soybeans End Tuesday Lower, Tracking Declines in Soybean Meal

Soybean Market Update: Tuesday Recap

Soybean futures experienced declines on Tuesday, with front-month contracts dropping between 9 and 10 1/4 cents, extending the downward trend seen at the start of the week. The national average cash price for soybeans, as reported by cmdtyView, fell by 10 1/4 cents to $9.66 1/4. Soymeal futures contributed to the pressure, sliding $4.50 to $8.20, while soy oil futures saw gains of 80 to 96 points. On Friday night, 26 soybean delivery notices were issued, along with 30 for January bean oil.

The USDA announced private sales of 168,000 metric tons of soybeans to China this morning, and an additional 152,404 metric tons were reported sold to Mexico.

Additional Market Highlights

On Monday evening, President Trump announced the possibility of a 25% tariff on any nation conducting business with Iran, with China being the primary focus. So far, China has not issued a response.

Traders are awaiting Thursday's NOPA report, which is expected to show that 224.8 million bushels of soybeans were processed in December.

Sinograin, through an auction of Chinese state reserves, sold 1.1 million metric tons of soybeans on Tuesday.

According to ANEC, Brazil's soybean exports for January are projected at 3.73 million metric tons, which is an increase of 1.33 million metric tons from the previous estimate.

Closing Prices

• January 26 Soybeans settled at $10.23 1/4, down 9 3/4 cents.
• Nearby Cash price was $9.66 1/4, down 10 1/4 cents.
• March 26 Soybeans ended at $10.38 3/4, down 10 1/4 cents.
• May 26 Soybeans closed at $10.52, down 9 3/4 cents.