Soybeans were in rally mode on Wednesday, with contracts up 20 to 26 cents on the day. The cmdtyView national average Cash Bean price was up 23 3/4 cents at $10.12 1/2. Soymeal futures were $2.90 to $4.10 higher on the day, as Soy Oil was up 110 to 140 points.
Thursday will be the last trade day of the week due to Independence Day on Friday.
Ahead of Thursday morning’s Export Sales report, analysts surveyed by Reuters are looking for between 300,000 and 700,000 MT of old crop beans booked in the week of June 26. New crop sales are expected to total between 0 and 300,000 MT. Soybean meal sales are expected to total 100,000 to 650,000 MT, with bean oil bookings in a range of net reductions of 10,000 MT to sales of 26,000 MT.
Earlier today, President Trump announced a trade deal with Vietnam, stating the country is charging no tariffs on US goods. Nearly 5.7% of all US soybean meal export commitments for 2024/25 have been for Vietnam, with 2% of all bean commitments to the country.
The 7-day QPF from NOAA shows rains up to 1.5 inches in parts of NE, IA, MN, WI, and the Dakotas. The ECB is showing expectations for lighter totals.
Jul 25 Soybeans closed at $10.50 1/2, up 25 3/4 cents,
Nearby Cash was $10.12 1/2, up 23 3/4 cents,
Aug 25 Soybeans closed at $10.53 1/2, up 23 3/4 cents,
Nov 25 Soybeans closed at $10.48, up 20 3/4 cents,
New Crop Cash was $10.00, up 21 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.
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