Soybeans Sneak Out Front Month Gains
Soybeans managed to see a late session surge by the bulls in the nearbys, up 3 to 4 cents. New crop contracts were fractionally mixed. The cmdtyView Cash Bean price was up 3 1/4 cents to $10.05. Soymeal futures were up $1 to $2.70/ton on the day, with Soy Oil futures 22 to 54 points lower.
Following a federal trade court ruling that President Trump’s liberation day tariffs were illegal, an appeals court issued a temporary stay on the ruling.
Export Sales data is pushed back to a Friday AM release due to the Monday holiday. Analysts are looking for 150,000 to 500,000 MT for old crop beans and 0 to 250,000 MT for new crop. Bean meal is expected to total 150,000 to 450,000 MT, with bean oil seen in a range of 5,000 to 32,000 MT.
The forecast is a little drier through Sunday, with some rains expected in the early parts of next week for the Northern Plains and moving east through the middle of the week.
Jul 25 Soybeans closed at $10.51 3/4, up 3 1/4 cents,
Nearby Cash was $10.05, up 3 1/4 cents,
Aug 25 Soybeans closed at $10.48 1/2, up 3 1/4 cents,
Nov 25 Soybeans closed at $10.37 1/4, down 1/4 cent,
New Crop Cash was $9.75 1/1, down 1/4 cent,
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.