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Soybeans Pushing Higher on Wednesday AM Trade
The bean market is trading with contracts 8 to 9 cents in the green. Soybeans saw higher trade at Tuesday’s close, with contracts up 2 to 4 cents across most front months. The cmdtyView Cash Bean price was up 2 ¼ cents to $10.03 1/2. Soymeal futures were up 70 cents to $1.50/ton on the day, with Soy Oil futures closing up 6 to 15 points.
Chinese April import data shows 4.6 MMT originated from Brazil, down 22.2% from last year, with 1.38 MMT sourced via the US, which is down 43.7% from 2024.
ANEC estimates the May Brazilian soybean exports at 14.52 MMT, which is 0.25 MMT above their previous estimate. Argentina’s export tax reduction on soybeans to 26% is set to expire at the end of June and will not be extended. The rate will revert back to 33% on July 1, with the products back up to 31% according to a Economic Ministry release on Tuesday.
Jul 25 Soybeans closed at $10.53, up 2 1/4 cents, currently up 8 ¼ cents
Nearby Cash was $10.03 1/2, up 2 1/4 cents,
Aug 25 Soybeans closed at $10.50 1/4, up 2 1/2 cents, currently up 8 cents
Nov 25 Soybeans closed at $10.41, up 4 cents, currently up 8 ¾ cents
New Crop Cash was $9.78, up 4 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.