Soybeans Bouncing Back on Tuesday Morning

Soybeans are trading with Tuesday morning gains of 7 to 10 cents. Futures saw some spreads working on Monday, with front months up 4 to 6 cent and new crop down 3 ¼ cents in the November. Preliminary open interest was down 17,394 contracts on Monday. CmdtyView’s national front month Cash Bean price was up 6 cents at $9.27. Soymeal futures were up $1.80 to $5.30/ton, with Soy Oil futures back down 69 to 98 points.

President Trump has responded to the Chinese retaliatory 34% tariff with an additional 50% on Chinese goods if they don’t take back the issued 34%. He gave them a deadline of today to withdraw the tariffs. EU has threatened to put 25% tariffs on some US goods, though they have also hinted at coming to the negotiating table.

USDA’s Export Inspections report indicated a total of 804,270 MT (29.5 mbu) of soybeans shipped in the week that ended on 4/3. That was down just 1.1% from the previous week but 63.5% above the same week in 2024. That was also the third largest total for this week in the year since 2002. China was the largest destination of 341,278 MT, all shipped before the 34% retaliatory tariff was issued (though it still includes a 10% duty), with 140,658 MT to Egypt. Shipments for the marketing year have totaled 41.555 MMT (1.527 bbu), a 10.6% increase from the same week last year.  

 

May 25 Soybeans  closed at $9.83, up 6 cents, currently up 10 cents

Nearby Cash  was $9.27, up 6 cents,

Jul 25 Soybeans  closed at $9.97, up 4 cents, currently up 10 cents

Nov 25 Soybeans  closed at $9.81, down 3 1/4 cents, currently up 7 3/4 cents

New Crop Cash  was $9.19 1/1, down 3 cents,