Soybeans Extending Gains Early on Thursday
Soybeans are trading with Thursday morning gains of 2 to 4 ½ cents. The soybean market held onto gains on Wednesday, with contracts closing 1 to 6 cents higher. Preliminary open interest was up 3,204 contracts. CmdtyView’s national front month Cash Bean price was up 5 1/4 cents at $9.90 1/2. Soymeal futures were mixed, with front months 20 cents to $1.10/ton lower, as Soy Oil futures were up 5 to 33 points on the session.
The market was supported from chatter of easing trade tensions with China, though nothing has been officially announced.
This morning’s Export Sales report is expected to show 200,000 to 600,000 MT of old crop soybean sales in the week that ended on April 17. Sales for 2025/26 are pegged in a range of 0 to 200,000 MT according to a Reuters survey of analysts. Meal sales are expected to total 150,000 to 400,000 MT, with bean oil in a range of 5,000 to 35,000 MT.
Brazil’s exports during April are expected to total 14.3 MMT according to ANEC estimates, a drop of 0.2 MMT from their previous estimate.
May 25 Soybeans closed at $10.40 1/4, up 5 1/4 cents, currently up 4 1/2 cents
Nearby Cash was $9.90 1/2, up 5 1/4 cents,
Jul 25 Soybeans closed at $10.50 1/4, up 4 1/4 cents, currently up 3 1/4 cents
Nov 25 Soybeans closed at $10.27 1/2, up 1 cent, currently up 2 cents
New Crop Cash was $9.65 1/2, up 3/4 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. For more information please view the Barchart Disclosure Policy here.