Soybeans Starting Wednesday with Penny Gains
Soybeans saw a slight increase in trading on Wednesday, with futures closing mixed on Tuesday. Front months remained steady to 1 ½ cents higher, while deferreds fluctuated between 1 cent up and 1 ¼ cents down. Open interest experienced a decrease of 6,880 contracts. The national average Cash Bean price, as reported by cmdtyView, rose by 1 1/2 cents to $10.66 ¾. Soymeal futures also saw an increase of $2.10 to $3.10 in the nearbys, while Soy Oil futures dipped by 32 to 56 points.
According to Crop Progress data from NASS, 93% of the US soybean crop had emerged by June 21st, which was 3% higher than normal. Additionally, 9% of the crop was blooming, 3 percentage points faster than the average rate. Condition ratings remained stable at 66% good to excellent, with the Brugler500 index rising by 1 point to 369. However, some states saw a decrease in ratings, with Illinois dropping by 2 points, Iowa down by 7, Minnesota slipping by 6 points, Michigan losing 2 points, North Dakota down by 8, and South Dakota losing 3 points. On the other hand, states like Indiana saw an improvement of 20 points, Nebraska increased by 12 points, and Ohio rose by 4 points.
In other news, President Trump revealed plans to utilize unfrozen Iranian funds to purchase US agricultural products, including soybeans. Iranian soybean imports in 2025/26 were recorded at 2.15 MMT and have ranged from 1.55 to 2.8 MMT over the past decade. Additionally, ANEC estimated Brazilian soybean exports in June to be 15.21 MMT, a slight drop from their previous forecast.
As for the market prices, Jul 26 Soybeans closed at $11.17, up 1 1/4 cents, with nearby Cash at $10.66 3/4, up 1 1/2 cents. Aug 26 Soybeans closed at $11.24, up 1 1/2 cents, and Nov 26 Soybeans closed at $11.41 3/4, up 1/4 cent. New Crop Cash was at $10.76 1/4, up 1/2 cent.
It is important to note that on the date of publication, Austin Schroeder did not hold any positions in the securities mentioned in this article. The information provided is for informational purposes only. For more details on this topic, you can visit the original article on Barchart.com.
