Soybeans Giving Some Gains Back Early on Friday
The soybean market is trading with losses of 2 to 4 cents so far on Friday morning. Soybeans were strengthening on Thursday, as contracts were up 6 to 9 cents across most months following a call between President Trump and China’s President Xi. Contracts are up 7 to 9 cents. Preliminary open interest was down just 497 contracts on Thursday. The cmdtyView Cash Bean price is up 9 cents to $10.09. Soymeal futures were steady to $2.40/ton higher, as Soy Oil were down 1 to 16 points in the font months, with others up 3 to 15 points.
President Trump and Chinese President Xi held a phone call on Thursday mornign to discuss trade, earlier than the Friday date reports previously rumored. Following the talks Trump the call focused almost entirely on trade, and implied more talks to come.
Export Sales data indicated a total of 194,345 MT of 2024/25 soybeans booked in the week of May 29. That was back up from last week and 2.5% larger than the same week last year. The top buyer was Bangladesh of 57,500 MT, with 29,600 MT sold to Norway, as China now has 0 MT on the book of unshipped sales. New crop business was just 3,544 MT, a 6-week low.
Soybean meal sales were reported at 264,940 MT, a 4-week low in sales. Soybean oil sales totaled 11,780 MT and were the lowest in 5 weeks.
Census data showed a total of 2.18 MMT (81 mbu) of soybeans shipped in April, up 23.17% from last year. Soybean meal exports totaled 1.346 MMT, a record for the month but down 15.55% from last month. Bean oil shipments were 159,050 MT, a 16-year high for the month.
Monthly trade data from Brazil showed 14.099 MMT of soybeans shipped in May, up from 13.436 MMT last year.
The Buenos Aires Grain Exchange estimates 88.7% of the Argentina harvest has been completed, with their production forecast at 50 MMT.
Jul 25 Soybeans closed at $10.51 3/4, up 6 3/4 cents, currently down 3 1/2 cents
Nearby Cash was $10.07 1/1, up 7 cents,
Aug 25 Soybeans closed at $10.46 1/2, up 7 3/4 cents, currently down 4 cents
Nov 25 Soybeans closed at $10.33 1/4, up 8 1/4 cents, currently down 3 1/2 cents
New Crop Cash was $9.75 1/2, up 8 1/4 cents,
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. For more information please view the Barchart Disclosure Policy here.