Soybean futures settled Wednesday with 12 to 14 cent losses, as weaker products and lack of bullish news sent the market lower. Wednesday’s preliminary open interest was up 7,794 contracts, suggesting new selling interest. The cmdtyView Cash Bean price was down 13 1/4 cents to $10.02 3/4. Soymeal futures were down $1.90 to $2.60/ton on the day, with Soy Oil futures 44 to 67 points lower.

Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling.

Rains are expected to be scattered over the next week, with the heaviest totals falling in the southern portions of the Eastern Corn Belt and parts of the Plains. 

Export Sales data is pushed back to a Friday AM release due to the Monday holiday. 

Jul 25 Soybeans  closed at $10.48 1/2, down 14 cents, currently down 2 3/4 cents

Nearby Cash  was $10.02 3/4, down 13 1/4 cents,

Aug 25 Soybeans  closed at $10.45 1/4, down 12 3/4 cents, currently down 2 1/2 cents

Nov 25 Soybeans  closed at $10.37 1/2, down 13 1/4 cents, currently down 2 1/4 cents

New Crop Cash  was $9.75, down 13 1/4 cents,