Soybeans Holding onto Gains at Midday

Soybeans are showing 4 to 7 cent gains across most contracts on Wednesday, though they have backed off from early double digit gains. There were another 31 delivery notices against July futures overnight. The cmdtyView national average Cash Bean price was up 11 3/4 cents at $10.82 3/4. Soymeal futures are steady to $1.60 higher, with Soy Oil futures down 75 to 96 points led by the front months. There were no delivery notices against July soybean meal overnight, with 661 deliveries against July bean oil. 

USDA will release their weekly Export Sales report on Thursday, as a Reuters survey shows analysts looking for between 300,000 and 650,000 MT of 2025/26 soybeans sold in the week of 6/25. New crop sales are seen in a range of 350,000 and 900,000 MT. Soybean meal sale are estimated to total 100,000 to 500,000 MT, with bean oil business in a range of 0 to 13,000 MT. 

NASS reported 85.36 million soybean acres planted this spring in their June Acreage report, coming in slightly above estimates and 665,000 acres higher than in the March Prospective Plantings report. Double crop acres ticked up to 7%, from 6% last year and 4% in each of the prior 4 years. 

June 1 soybean stocks were up to 1.061 bbu in the quarterly Grain Stocks report. That was 12 above analysts surveyed by Bloomberg looking for 1.049 bbu. That was 5.26% above the same period last year. The March 1 stocks were revised higher by 19 mbu.  

Traders are looking for Wednesday’s Fats & Oils report from NASS to show 214.9 million bushels of soybeans crushed in May.

Jul 26 Soybeans  are at $11.23 1/4, up 6 1/2 cents,

Nearby Cash  is at $10.82 3/4, up 11 3/4 cents,

Aug 26 Soybeans  are at $11.30, up 5 3/4 cents,

Nov 26 Soybeans  are at $11.48, up 4 1/4 cents,

New Crop Cash  is at $10.84 1/4, up 6 3/4 cents,