Soybeans posted front month buying on Wednesday, as contracts were 11 ¾ to 16 ¼ cents higher across the nearbys and up 7 ¾ to 9 ¾ cents in the deferreds. The rally to $12.38 in the August contract hit the highest level since May 2024. The cmdtyView national average Cash Bean price was up 15 1/2 cents at $11.99 1/2. Soymeal futures were $4.90 to $5.60 higher, with Soy Oil futures rallying 66 to 119 points.
Weekly Export Sales data from USDA is expected to show net cancellations of 200,000 MT to sales of 400,000 MT in the week of 7/16. Sales for 2026/27 are seen between 1-1.8 MMT. Meal sales are estimated to total 100,000 to 575,000 MT, with bean oil between net reductions of 10,000 MT to sales of 10,000 MT.
The 7-day QPF from NOAA showed a band of 1 to 2 inches of rain in parts of NE, KS, and MO, as well as OH in the next week. The Dakotas, MN, WI, IA, IL, and IN remain on the drier side, with less than 0.5 inches expected.
ANEC estimates the Brazilian soybean exports during July at 13.5 MMT, a 0.26 MMT decline from the week prior’s estimate.
Aug 26 Soybeans closed at $12.33, up 13 1/2 cents,
Nearby Cash was $11.99 1/2, up 15 1/2 cents,
Sep 26 Soybeans closed at $12.26, up 15 1/2 cents,
Nov 26 Soybeans closed at $12.39, up 16 1/4 cents,
New Crop Cash was $11.80 3/4, up 16 1/2 cents,
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.
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