Soybeans are up 5 to 6 cents early on Wednesday AM trade. Futures were off their intraday lows on Tuesday but still settled with losses of fractionally in the new crop months as 2 ½ to 4 ¾ cents in the nerabys. Preliminary open interest rose 6,875 contracts on Tuesday. The cmdtyView national average new crop Cash Bean price was down 1/2 cent today at $9.76 3/4. Soymeal futures are trying to break out, with Tuesday gains of 30 cents to $3.30/ton. Soy Oil was pressured by crude oil weakness, down 35 to 44 points. Ahead of a meeting with Chinese counterparts, Treasury Secretary Bessent expects to see the tariff deadline of August 12 extended.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. It also expects to boost rice imports by Japan, with Japan buying $8 billion in ag goods.
Brazil soybean exports are estimated to total 12.11 MMT in July, down from the 12.19 MMT from last week’s estimate.
Aug 25 Soybeans closed at $10.10 1/4, down 4 3/4 cents, currently up 5 cents
Nearby Cash was $9.73 1/4, down 3 3/4 cents,
Sep 25 Soybeans closed at $10.08, down 2 1/2 cents, currently up 5 1/2 cents
Nov 25 Soybeans closed at $10.25 1/2, down 1/2 cent, currently up 5 3/4 cents
New Crop Cash was $9.76 3/4, down 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. This article was originally published on Barchart.com
finance.yahoo.com
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