To start the week soybeans gapped higher at the start of the overnight session and held those gains overnight. But the market fell lower throughout the day session and closed with losses. Early support spilled over from the sharply higher soybean oil market. But in the day session technical selling pulled soybeans lower. A lack of threatening weather added pressure. Last week’s export shipments were disappointing as they were below the range of trade estimates and a marketing year low. After the close, the afternoon’s crop progress report left soybean conditions unchanged at 66% g/e. MN dropped 4% to 76% g/e and IA dropped 3% to 74% g/e (those were the highest ranked states) while IN was up 9% to 71% g/e and OH went up 6% to 55% g/e.
Soybeans traded back and forth in a choppy session on Tuesday and closed with small gains. Technical buying provided light support. But a lack of threatening weather and slow export demand limited gains. The US floated the idea of requiring Iran to buy US products, including ag products, with the funds the US is unfreezing. Iran imported 2.5 MMT of soybeans in 2025 but hasn’t purchased any ag products from the US since 2018. A Brazilian consultant estimates planted soybean acres will increase by 0.9% to 121.1 million acres for the upcoming crop year. If realized, Brazil will have increased soybean acres every year for the past 20 years. But the 0.9% increase is the smallest increase over those 20 years.
In Wednesday’s session soybeans were mostly higher overnight and into the day session but then faded and closed with losses. Pressure came from a lack of news and continuing non-threatening weather for most of the Midwest. Warmer temps are in the forecast. Slow export demand added pressure. There have not been any reported daily export sales since the one sale to China announced on June 18. Dr. Cordonnier left his US soybean yield estimate unchanged at 52.0 bu/acre. Ahead of Tuesday’s USDA acreage report, a private consultant estimates planted soybean acres at 85.3 million vs. USDA’s March estimate of 84.7 million. Brazil expects to export 15.21 MMT of soybeans in June, which would be a new record for the month if realized.
Soybeans traded in a narrow range on both sides of unchanged overnight but climbed higher throughout Thursday’s day session and closed with strong gains. Improving export demand supported soybeans. Last week’s export sales report showed old crop sales at the top of the range of trade expectations and a 13-week high. For new crop, there were 200,000 MT in sales to China (the first Chinese purchases for new crop) and another 529,000 MT to unknown destinations (which are often China). Support also came from the gains in the crude oil market.
Ahead of Tuesday’s USDA reports, the average trade estimate for June 1 stocks is 1.046 BB vs. 1.008 BB last year. The average trade estimate for planted acres is 85.369 million vs. USDA’s March estimate of 84.700 million and last year’s 81.215 million acres.
July soybean support is $11.57. Nov soybean support is at $11.73.
For the week, July soybeans were at $11.2625 up 3.5 cents while Nov soybeans were at $11.5625 up 13.5 cents. July soybean meal was at $307.00 up $5.70 and July soybean oil was at $71.30 up $1.61.
Soybean Weekly Comments June 26
Soybean Weekly Comments June 26
To start the week soybeans gapped higher at the start of the overnight session and held those gains overnight. But the market fell lower throughout the day session and closed with losses. Early support spilled over from the sharply higher soybean oil market. But in the day session technical selling pulled soybeans lower. A lack of threatening weather added pressure. Last week’s export shipments were disappointing as they were below the range of trade estimates and a marketing year low. After the close, the afternoon’s crop progress report left soybean conditions unchanged at 66% g/e. MN dropped 4% to 76% g/e and IA dropped 3% to 74% g/e (those were the highest ranked states) while IN was up 9% to 71% g/e and OH went up 6% to 55% g/e.
Soybeans traded back and forth in a choppy session on Tuesday and closed with small gains. Technical buying provided light support. But a lack of threatening weather and slow export demand limited gains. The US floated the idea of requiring Iran to buy US products, including ag products, with the funds the US is unfreezing. Iran imported 2.5 MMT of soybeans in 2025 but hasn’t purchased any ag products from the US since 2018. A Brazilian consultant estimates planted soybean acres will increase by 0.9% to 121.1 million acres for the upcoming crop year. If realized, Brazil will have increased soybean acres every year for the past 20 years. But the 0.9% increase is the smallest increase over those 20 years.
In Wednesday’s session soybeans were mostly higher overnight and into the day session but then faded and closed with losses. Pressure came from a lack of news and continuing non-threatening weather for most of the Midwest. Warmer temps are in the forecast. Slow export demand added pressure. There have not been any reported daily export sales since the one sale to China announced on June 18. Dr. Cordonnier left his US soybean yield estimate unchanged at 52.0 bu/acre. Ahead of Tuesday’s USDA acreage report, a private consultant estimates planted soybean acres at 85.3 million vs. USDA’s March estimate of 84.7 million. Brazil expects to export 15.21 MMT of soybeans in June, which would be a new record for the month if realized.
Soybeans traded in a narrow range on both sides of unchanged overnight but climbed higher throughout Thursday’s day session and closed with strong gains. Improving export demand supported soybeans. Last week’s export sales report showed old crop sales at the top of the range of trade expectations and a 13-week high. For new crop, there were 200,000 MT in sales to China (the first Chinese purchases for new crop) and another 529,000 MT to unknown destinations (which are often China). Support also came from the gains in the crude oil market.
Ahead of Tuesday’s USDA reports, the average trade estimate for June 1 stocks is 1.046 BB vs. 1.008 BB last year. The average trade estimate for planted acres is 85.369 million vs. USDA’s March estimate of 84.700 million and last year’s 81.215 million acres.
July soybean support is $11.57. Nov soybean support is at $11.73.
For the week, July soybeans were at $11.2625 up 3.5 cents while Nov soybeans were at $11.5625 up 13.5 cents. July soybean meal was at $307.00 up $5.70 and July soybean oil was at $71.30 up $1.61.