Soybeans Holding Near Steady Early on Wednesday
The soybean market is trading with contracts mixed, as front months are slightly higher and new crop slightly lower. Soybean futures popped higher on Tuesday, with contracts fractionally to 6 cents higher, led by the nearbys. Preliminary open interest was down 2,383 contracts on Tuesday, with May dropping 17,249 contracts. CmdtyView’s national front month Cash Bean price was up 6 3/4 cents at $9.85 1/4. Soymeal futures were up 80 cents $1.00/ton, as Soy Oil futures were down 4 to 28 points.
Late on Tuesday President Trump indicated the tariffs on China may be substantially cut if a trade deal is reached.
The US soybean crop was listed at 8% planted as of Sunday, now ahead of the 5-year average pace of 5%. Just KY, MI, and OH were listed as behind the normal pace, with IA at 11% (vs. 3% on average) and IL at 10% (vs. 7%).
EU soybean imports have totaled 11.22 MMT from July 1 to April 20, which is up 9% from the same period last year. Meal imports in that same period are 15.14 MMT, up from the 12.02 MMT in the same period last year.
May 25 Soybeans closed at $10.35, up 5 1/2 cents, currently up 1 1/2 cents
Nearby Cash was $9.85 1/4, up 6 3/4 cents,
Jul 25 Soybeans closed at $10.46, up 4 1/2 cents, currently up 3/4 cent
Nov 25 Soybeans closed at $10.26 1/2, up 3/4 cent, currently down 1 cent
New Crop Cash was $9.65 1/2, up 1/2 cent,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.