Soybean Prices Decline After Monday's Rally
On Tuesday, soybeans are trading with losses of 6 to 7 cents after a rally on the previous day. Futures closed higher by 15 to 24 cents as longs added risk back into the market. Open interest increased by 3,122 contracts during Monday's session. The national average Cash Bean price rose significantly at $12.69 3/4 due to a gain of 24 1/2 cents. Soymeal and soy oil futures also saw gains with soymeal up $5.60 across front months, while soy oil increased by 44-63 points. The USDA's Crop Progress report indicated that the US soybean crop is progressing ahead of schedule in terms of harvest but conditions remain steady at 58% good to excellent. The Export Inspections report showed an increase in soybean shipments for both weekly and annual periods, with China being a major destination. Traders were optimistic about potential developments following discussions between the US Treasury Secretary and Chinese counterparts.
Topics: export_shipments futures_trading soybeans USDA_report