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Soybeans posted Tuesday losses of 6 to 8 cents in the nearbys, as contracts pulled off lows into the close. The cmdtyView national average Cash Bean price was 4 3/4 cents lower at $10.18 1/4. Soymeal futures were 60 cents to $5.40 in the red, with Soy Oil futures 15 to 19 points lower.
WASDE data was updated this morning, but nothing in the US side was adjusted. The World Ag Outlook Board decided to punt to the January report as both supply and demand was left stale and projected ending stocks were steady at 290 mbu.
Over on the world side, few changes were noted, as South American production was steady. World stocks were raised by just 0.38 MMT to 122.37 MMT.
An aged CFTC Commitment of Traders report showed another 60,194 contracts added to the managed money net long position as of November 4, taking it to 178,683 contracts. The two week move was 143,354 contracts to the long side, the largest 2-week bull move on record.
Brazilian soybean exports during December are estimated to total 3.33 MMT, according to ANEC, 0.52 MMT above their previous estimate. That would also be 3.3 MMT above the same month last year. Early on Tuesday morning, the Argentina economy minister announced the soybean export tax is to drop 2 points to 24%, with products down 2 points to 22.5%.
Jan 26 Soybeans closed at $10.87 1/4, down 6 1/2 cents,
Nearby Cash was $10.17 1/2, down 6 1/2 cents,
Mar 26 Soybeans closed at $10.98 1/4, down 7 1/2 cents,
May 26 Soybeans closed at $11.08 3/4, down 8 cents,
