Soybeans Pushing Higher Early on Wednesday

Soybeans are experiencing gains of 9 to 10 cents on Wednesday after slipping lower midday on Tuesday. Futures closed 5 to 6 cents in the red, with a preliminary open interest increase of 5,374 contracts. The national average Cash Bean price was down 4 3/4 cents at $9.56 1/4. Soymeal futures saw a decrease of $2.20 to $2.70/ton, while Soy Oil was up 30 to 43 points. President Trump announced a preliminary trade deal with Indonesia, including commitments to purchase $4.5 billion in agricultural products.

Crop Progress ratings improved in Illinois (+15), Missouri (+10), North Dakota (+6), Minnesota (+5), and Iowa (+1), while Michigan was down 7 points and South Dakota slipped 3 points. Nebraska saw a 1 point decrease in conditions.

The National Oilseed Processors Association (NOPA) reported that 185.7 million bushels of soybeans were crushed in June, above trade estimates. This was a 3.69% decrease from May but a 5.76% increase from last year. Soybean oil stocks were at 1.366 billion pounds.

July exports out of Brazil are estimated at 12.19 million metric tons, up from 11.25 million metric tons last year.

Closing prices for soybeans on August 25th were $9.95, down 6 cents, but currently up 9 cents. Nearby Cash closed at $9.56 1/4, down 4 3/4 cents. September 25th soybeans closed at $9.87 1/4, down 6 cents, and currently up 9 1/4 cents. January 26th soybeans closed at $10.19, down 5 cents, and currently up 9 1/2 cents. New Crop Cash was $9.53 1/2, down 4 3/4 cents.

It is important to note that the information provided in this article is for informational purposes only and does not constitute investment advice. The original article was published on Barchart.com.