After the long weekend, soybeans gapped lower at the start of the overnight session, then traded in a choppy session and closed lower. Pressure spilled over from the losses in the crude oil market on President Trump’s comments that a peace deal with Iran was mostly negotiated. Rapid planting progress and overall good growing conditions added pressure. While planting progress is running ahead of average at 79% complete vs. 68% average, it was lower than the 82% complete the trade expected. Last week’s export shipments were slightly above the range of trade expectations.
Argentina released details on their planned export tax cuts. Soybean export taxes will drop 0.25% per month in 2027, reducing the tax from 24% to 21%. Then in 2028 taxes will drop 0.5% per month to get down to 15% by the end of 2028.
In Wednesday’s session soybeans traded back and forth in a choppy session and ended the session mixed with small losses in the front months and small gains in the new crop contracts. Pressure came from the losses in the crude oil market. Continuing above average planting progress and a lack of threatening weather added pressure. Crop condition ratings for soybeans will start in Monday’s crop progress report. Losses were limited by the strong gains in the soybean oil market. Brazil slightly lowered their estimate of May soybean exports from 16.1 MMT to 15.9 MMT.
On Thursday soybeans climbed higher overnight, trimmed the gains a bit early in the day session, but then bounced back and closed with solid gains. Support came from technical buying and the gains in the crude oil market. Support also spilled over from the sharply higher soybean oil market. Biofuel groups gave testimony to the Treasury Dept. today on their ideas for improvements to the 45Z tax credit. There were reports China bought 4 cargoes of Brazilian soybeans overnight. Argentina’s oilseed workers launched a nationwide strike on Wednesday, but almost immediately the government issued a 15-day mandatory conciliation period for negotiations.
Hedgers should look to advance new crop soybeans sales at $12.25 Nov.
July soybean support is $11.67. Nov soybean support is at $11.45.
For the week, July soybeans were at $11.8675 down 9.75 cents while Nov soybeans were at $11.90 up 2.25 cents. July soybean meal at $329.80 down $2.10 and July soybean oil was at $77.72 up $3.74.
For the month, July soybeans were down 8.75 cents while Nov soybeans were up 17.0 cents. July soybean meal up $10.90 and July soybean oil was up $3.18.
Soybean Weekly Comments May 29
Soybean Weekly Comments May 29
After the long weekend, soybeans gapped lower at the start of the overnight session, then traded in a choppy session and closed lower. Pressure spilled over from the losses in the crude oil market on President Trump’s comments that a peace deal with Iran was mostly negotiated. Rapid planting progress and overall good growing conditions added pressure. While planting progress is running ahead of average at 79% complete vs. 68% average, it was lower than the 82% complete the trade expected. Last week’s export shipments were slightly above the range of trade expectations.
Argentina released details on their planned export tax cuts. Soybean export taxes will drop 0.25% per month in 2027, reducing the tax from 24% to 21%. Then in 2028 taxes will drop 0.5% per month to get down to 15% by the end of 2028.
In Wednesday’s session soybeans traded back and forth in a choppy session and ended the session mixed with small losses in the front months and small gains in the new crop contracts. Pressure came from the losses in the crude oil market. Continuing above average planting progress and a lack of threatening weather added pressure. Crop condition ratings for soybeans will start in Monday’s crop progress report. Losses were limited by the strong gains in the soybean oil market. Brazil slightly lowered their estimate of May soybean exports from 16.1 MMT to 15.9 MMT.
On Thursday soybeans climbed higher overnight, trimmed the gains a bit early in the day session, but then bounced back and closed with solid gains. Support came from technical buying and the gains in the crude oil market. Support also spilled over from the sharply higher soybean oil market. Biofuel groups gave testimony to the Treasury Dept. today on their ideas for improvements to the 45Z tax credit. There were reports China bought 4 cargoes of Brazilian soybeans overnight. Argentina’s oilseed workers launched a nationwide strike on Wednesday, but almost immediately the government issued a 15-day mandatory conciliation period for negotiations.
Hedgers should look to advance new crop soybeans sales at $12.25 Nov.
July soybean support is $11.67. Nov soybean support is at $11.45.
For the week, July soybeans were at $11.8675 down 9.75 cents while Nov soybeans were at $11.90 up 2.25 cents. July soybean meal at $329.80 down $2.10 and July soybean oil was at $77.72 up $3.74.
For the month, July soybeans were down 8.75 cents while Nov soybeans were up 17.0 cents. July soybean meal up $10.90 and July soybean oil was up $3.18.