Soybeans are posting 10 to 20 cent losses on Monday morning. Futures slipped from the near double digit gains early on Thursday bus still closed 1 to 2 cents higher and July up 5 ¾ cents. On the week, August was up 22 ¼ cents, with November rallying 24 ½ cents. The cmdtyView national average Cash Bean price was up 1 1/4 cents at $10.13 3/4. Soymeal futures were 60 cents to $1.40 higher on the day, with August $1.80 higher last week. Soy Oil was down 36 to 47 points, but still managed a 207 point gain on the week. There were 711 deliveries against July bean meal overnight, with none issued for bean oil.
President Trump’s Iowa speech lacked much from a trade perspective, following chatter that there may be something announced. Early on Monday, reports indicated Indonesia has agreed to a $34 billion trade deal with the US including, corn soybean, and energy products.
Rains of half to an inch are expected over much of the Corn Belt this next week, with some localized totals in the 2-inch range. Lighter totals are forecast in northern parts of IN and OH, as well as much of MI, with the western portion of the northern Plains seeing little precip.
Last Thursday’s Export Sales report showed 462,435 MT of 2024/25 soybeans booked in the week of 6/26. That was still up 14.8% from last week and more than double the same week in 2024. Unknown was the buyer of 190,500 MT, with 165,000 MT sold to Egypt. New crop sales were 239,046 MT, the second largest total this marketing year with accumulated new crop business at 1.59 MMT. Mexico was the top buyer of new crop at 131,600 MT.
Soybean meal sales were tallied at 306,203 MT for the current marketing year, and 397,357 MT for the next MY, with total sales of 703,560 MT. Bean oil bookings totaled 11,764 MT.
Census data for May exports showed 1.6 MMT (58.6 mbu) of soybeans shipped in the month. That was down 26.81% from April but up 13.13% from last year. Third quarter exports were 267 mbu, with the first 9 months of the marketing year totaling 1.685 bbu. Meal exports were 1.36 MMT, which was a record for May. Bean oil shipments were a 5-year May high at 142,303 MT.
Trade ministry data from Brazil showed soybean exports at 13.42 MMT, a decline from the 13.96 MMT in the same month last year.
Jul 25 Soybeans closed at $10.56 1/4, up 5 3/4 cents, currently down 10 1/4 cents
Nearby Cash was $10.13 3/4, up 1 1/4 cents,
Aug 25 Soybeans closed at $10.55 1/2, up 2 cents, currently down 17 1/2 cents
Nov 25 Soybeans closed at $10.49 1/4, up 1 1/4 cents, currently down 20 cents
New Crop Cash was $10.01 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.
