Soybeans are trading with Thursday morning gains of 7 to 9 cents so far. The soybean market got a late session rally on Wednesday to close the day with 19 to 21 point gains. Preliminary open interest was down 16,498 contracts. CmdtyView’s national front month Cash Bean price was up 20 3/4 cents at $9.59 3/4. Soymeal futures were up 90 cents to $3.50/ton, with Soy Oil futures up 120 to 141 points.
Late on the Wednesday session, President Trump announced that there would be a 90-day tariff pause on the targeted countries with the exception being China. The blanket 10% tariff was left for all countries. The new tariffs on China were raised to 125%.
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Analysts estimate the 2024/25 soybean sales at 200,000 to 700,000 MT in the week of April 3 ahead of the Export Sales report that will be released shortly. New crop is estimated to be 0-50,000 MT. Soybean meal sales are estimated to be in a range of 75,000 to 470,000 MT, with bean oil expectations at 5,000 to 37,000 MT.
USDA will update the US and World balance sheets today via the monthly WASDE. The trade is looking for US carryout to be tallied at 379 mbu according to a Reuters survey of analysts, vs. 380 mbu in last month’s report. South America is expected to see very little change, with Argentina down 0.21 MMT to 48.79 and Brazil estimates up 0.11 to 169.11 MMT.
CONAB updated crop estimates from this morning showed a slight increase to the Brazilian soybean crop at 167.87 MMT, a 0.5 MMT hike. The Rosario Grains exchange trimmed their estimate for the Argentina soybean crop by 1 MMT to 45.5 MMT on Wednesday.
May 25 Soybeans closed at $10.12 3/4, up 20 cents, currently up 8 1/2 cents
Nearby Cash was $9.59 3/4, up 20 3/4 cents,
Jul 25 Soybeans closed at $10.23 1/2, up 19 1/2 cents, currently up 8 cents
Nov 25 Soybeans closed at $9.97, up 19 1/4 cents, currently up 7 1/2 cents
New Crop Cash was $9.36 1/2, up 19 1/4 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.
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