Soybeans Pushing Higher at Midday
The bean market is trading with contracts 10 to 14 cents higher so far on Wednesday. The cmdtyView Cash Bean price is up 11 3/4 cents to $10.15 1/4. Soymeal futures are $1.40/ton on the day, with Soy Oil futures up 63 points.
USDA will release their weekly Export Sales report on Thursday morning, with analysts expecting to see old crop soybean business of 100,000 to 300,000 MT. Sales for 2025/26 are seen at 90,000 MT to 400,000 MT. Soybean meal sales are expected to be 100,000 to 450,000 MT, with bean oil seen between 0 and 32,000 MT.
Argentina’s export tax reduction on soybeans to 26% is set to expire at the end of June and will not be extended. The rate will revert back to 33% on July 1, with the products back up to 31% according to an Economic Ministry release on Tuesday.
Jul 25 Soybeans are at $10.64 3/4, up 11 3/4 cents,
Nearby Cash is at $10.15 1/4, up 11 3/4 cents,
Aug 25 Soybeans are at $10.61, up 10 3/4 cents,
Nov 25 Soybeans are at $10.54 1/2, up 13 1/2 cents,
New Crop Cash is at $9.92 1/2, up 13 1/2 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.