Soybeans are trading with 1 to 2 cent higher trade so far on Wednesday. Futures closed mixed on Tuesday, with front months steady to 1 ½ cents higher and deferreds up 1 to down 1 ¼ cents. Open interest was down 6,880 contracts. The cmdtyView national average Cash Bean price was up 1 1/2 cents at $10.66 ¾. Soymeal futures were up $2.10 to $3.10 in the nearbys, with Soy Oil futures back down 32 to 56 points.
Crop Progress data from NASS showed 93% of the US soybean crop emerged by 6/21, up 3% from normal, with 9% blooming and 3 percentage points faster than normal. Condition ratings were steady at 66% gd/ex, with the Brugler500 index up 1 point to 369. Ratings dropped 2 points in IL, with IA down 7, MN slipping 6 points, MI losing 2, ND down 8, and SD losing 3 points. Improvement was noted in IN up 20, with NE 12 points higher, OH up 4 points, with a few other fringe states seeing improved ratings.
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On Monday, President Trump indicated unfrozen Iranian funds will be used to buy US ag products, including soybeans. He reiterated the statement in a media post overnight. Iranian soybean imports in 2025/26 were 2.15 MMT, and have ranged from 1.55 to 2.8 MMT in the last decade.
ANEC estimates the Brazilian soybean exports in June at 15.21 MMT, a 0.1 MMT drop from their number last week.
Jul 26 Soybeans closed at $11.17, up 1 1/4 cents, currently up 1 cent
Nearby Cash was $10.66 3/4, up 1 1/2 cents,
Aug 26 Soybeans closed at $11.24, up 1 1/2 cents, currently up 1 cent
Nov 26 Soybeans closed at $11.41 3/4, up 1/4 cent, currently up 3/4 cent
New Crop Cash was $10.76 1/4, up 1/2 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.
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