After the long weekend, soybeans traded mostly on the higher side in a choppy session and closed with small gains. Support came from the gains in the soybean oil market and an easing of tariff tensions as President Trump delayed his tariffs on the EU until July 9. News of out South America was also supportive. Dr. Cordonnier lowered his estimate of Argentina’s production by 1.5 MMT to 48.5 MMT due to flooding in the Buenos Aires region. USDA’s current estimate is 49.0 MMT. Datagro in Brazil increased their estimate of Brazil’s crop by 0.8 MMT to 172.0 MMT (USDA is at 169.0 MMT). In the afternoon’s crop progress report, soybean planting came in as expected and is running 8% ahead of the 5-year average. The only states behind average are KY: 52% vs. 57% average, MS: 79% vs. 86% average, and OH: 52% vs. 62% average.
In Wednesday’s session soybeans traded in a narrow range on both sides of unchanged overnight, but losses accelerated in the day session and the market closed with double-digit losses. The overnight session saw spillover support from the higher wheat and corn markets on lower-than-expected crop condition ratings. But as the corn market faded in the day session, so did soybeans. Improving weather and slow demand pressured soybeans. A lack of any fresh news also pressured the market. The first soybean crop condition rating of the season will be in next Monday’s crop progress report.
On Thursday soybeans gapped higher at the start of the overnight session and held small gains overnight. The market turned lower late in the overnight session but rebounded in the second half of the day session and closed with small gains. Overnight support came from a trade court ruling that President Trump has exceeded his authority by imposing across the board tariffs. But those gains didn’t last for long as the Trump administration said they will appeal the ruling and will look at other avenues for applying tariffs. Cool and dry conditions in Argentina that will help harvest progress added pressure. Technical buying in the day session helped get soybeans back on the positive side.
Target $10.85 to advance sales.
For the week, July soybeans were at $10.4175 down 18.5 cents while Aug soybeans were at $10.3675 down 19.25 cents. July soybean meals were at $296.30 up 10 cents and July soybean oil was at $46.89 down $2.46.
For the month, July soybeans were down 2.75 cents while Aug soybeans were down 1.5 cents. July soybean meals were down $1.70 and July soybean oil was down $2.08.
Soybean Weekly Comments May 30
Soybean Weekly Comments May 30
After the long weekend, soybeans traded mostly on the higher side in a choppy session and closed with small gains. Support came from the gains in the soybean oil market and an easing of tariff tensions as President Trump delayed his tariffs on the EU until July 9. News of out South America was also supportive. Dr. Cordonnier lowered his estimate of Argentina’s production by 1.5 MMT to 48.5 MMT due to flooding in the Buenos Aires region. USDA’s current estimate is 49.0 MMT. Datagro in Brazil increased their estimate of Brazil’s crop by 0.8 MMT to 172.0 MMT (USDA is at 169.0 MMT). In the afternoon’s crop progress report, soybean planting came in as expected and is running 8% ahead of the 5-year average. The only states behind average are KY: 52% vs. 57% average, MS: 79% vs. 86% average, and OH: 52% vs. 62% average.
In Wednesday’s session soybeans traded in a narrow range on both sides of unchanged overnight, but losses accelerated in the day session and the market closed with double-digit losses. The overnight session saw spillover support from the higher wheat and corn markets on lower-than-expected crop condition ratings. But as the corn market faded in the day session, so did soybeans. Improving weather and slow demand pressured soybeans. A lack of any fresh news also pressured the market. The first soybean crop condition rating of the season will be in next Monday’s crop progress report.
On Thursday soybeans gapped higher at the start of the overnight session and held small gains overnight. The market turned lower late in the overnight session but rebounded in the second half of the day session and closed with small gains. Overnight support came from a trade court ruling that President Trump has exceeded his authority by imposing across the board tariffs. But those gains didn’t last for long as the Trump administration said they will appeal the ruling and will look at other avenues for applying tariffs. Cool and dry conditions in Argentina that will help harvest progress added pressure. Technical buying in the day session helped get soybeans back on the positive side.
Target $10.85 to advance sales.
For the week, July soybeans were at $10.4175 down 18.5 cents while Aug soybeans were at $10.3675 down 19.25 cents. July soybean meals were at $296.30 up 10 cents and July soybean oil was at $46.89 down $2.46.
For the month, July soybeans were down 2.75 cents while Aug soybeans were down 1.5 cents. July soybean meals were down $1.70 and July soybean oil was down $2.08.