In Monday’s session soybeans slowly fell lower throughout the overnight session. The market briefly got on the positive side early in the day session before fading again and closing lower. Pressure came from trade concerns as tensions between the US and China are again increasing. Technical selling and rains in the forecast for the Corn Belt this week added pressure. After the close, USDA released the April crush report with crush reported at 202.4 MB for the month, slightly higher than the average trade estimate of 201.8 and much higher than last April’s 178.0 MB. It also set a new record for the month of April. Soybean oil stocks came in lower than expected. AgRural increased their estimate of Brazil’s crop by 1.3 MMT to 169.0 MMT, right in line with USDA’s current estimate.
Soybeans traded in a tight range on both sides of unchanged overnight but saw gains in Tuesday’s day session and closed with decent gains. The market was supported by trade optimism as reports have Trump and Xi planning on talking this week. Support also came from ideas that Monday’s losses were overdone. Monday afternoon’s USDA April crush report was friendly as crush was slightly higher than expected (and set a new record for the month) and soybean oil stocks were lower than expected.
On Wednesday soybeans saw small losses for the first part of the overnight session before turning positive and adding to the gains. Gains were trimmed late in the day session, but soybeans still closed with small gains. In a day without much fresh news, technical buying after hitting support lines was the main driver. Gains were limited by good rain falling in the western Corn Belt. Slow export demand as Brazil’s big crop hits the market also limited gains. On the tariff front, US Treasury Sect. Bessent said he expected Trump and Xi to have a call “very soon” and Trump’s press secretary said a call is “likely” this week. On the Chinese side, no one has confirmed the call will happen yet.
Soybeans were lower overnight but climbed higher in the day session and closed with decent gains on Thursday. Support came from confirmation that Trump and Xi had a phone call today and then announced upcoming lower-level talks will be held. While there were no breakthroughs in the call, traders took it as a sign that tensions are easing. Trump later posted to social media that the call “resulted in a very positive conclusion for both countries.” Rains in the eastern Corn Belt were supportive as before this round of rains, Ohio’s planting progress was at 66% vs. 77% average. Last week’s export sales were in the range of trade expectations.
Target $10.85 to advance sales.
For the week, July soybeans were at $10.5725 up 15.5 cents while Aug soybeans were at $10.5075 up 14.0 cents. July soybean meal was at $295.70 down 60 cents and July soybean oil was at $47.50 up 61 cents.
Soybean Weekly Comments June 6
Soybean Weekly Comments June 6
In Monday’s session soybeans slowly fell lower throughout the overnight session. The market briefly got on the positive side early in the day session before fading again and closing lower. Pressure came from trade concerns as tensions between the US and China are again increasing. Technical selling and rains in the forecast for the Corn Belt this week added pressure. After the close, USDA released the April crush report with crush reported at 202.4 MB for the month, slightly higher than the average trade estimate of 201.8 and much higher than last April’s 178.0 MB. It also set a new record for the month of April. Soybean oil stocks came in lower than expected. AgRural increased their estimate of Brazil’s crop by 1.3 MMT to 169.0 MMT, right in line with USDA’s current estimate.
Soybeans traded in a tight range on both sides of unchanged overnight but saw gains in Tuesday’s day session and closed with decent gains. The market was supported by trade optimism as reports have Trump and Xi planning on talking this week. Support also came from ideas that Monday’s losses were overdone. Monday afternoon’s USDA April crush report was friendly as crush was slightly higher than expected (and set a new record for the month) and soybean oil stocks were lower than expected.
On Wednesday soybeans saw small losses for the first part of the overnight session before turning positive and adding to the gains. Gains were trimmed late in the day session, but soybeans still closed with small gains. In a day without much fresh news, technical buying after hitting support lines was the main driver. Gains were limited by good rain falling in the western Corn Belt. Slow export demand as Brazil’s big crop hits the market also limited gains. On the tariff front, US Treasury Sect. Bessent said he expected Trump and Xi to have a call “very soon” and Trump’s press secretary said a call is “likely” this week. On the Chinese side, no one has confirmed the call will happen yet.
Soybeans were lower overnight but climbed higher in the day session and closed with decent gains on Thursday. Support came from confirmation that Trump and Xi had a phone call today and then announced upcoming lower-level talks will be held. While there were no breakthroughs in the call, traders took it as a sign that tensions are easing. Trump later posted to social media that the call “resulted in a very positive conclusion for both countries.” Rains in the eastern Corn Belt were supportive as before this round of rains, Ohio’s planting progress was at 66% vs. 77% average. Last week’s export sales were in the range of trade expectations.
Target $10.85 to advance sales.
For the week, July soybeans were at $10.5725 up 15.5 cents while Aug soybeans were at $10.5075 up 14.0 cents. July soybean meal was at $295.70 down 60 cents and July soybean oil was at $47.50 up 61 cents.