Soybeans Pushing Higher on Tuesday Morning
The soybean market is trading with gains of 3 to 5 cents early on Tuesday Soybean futures closed out Friday with contracts down 4 to 7 ¼ cents, as July was still up 10 ¼ cents last week. November saw a 15 cent pop since last Friday. The cmdtyView Cash Bean price was down 7 1/4 cents to $10.11. Soymeal futures were $2.20-2.40/ton lower on the day, but held onto a $4.30 gain last week. Soy Oil futures were up 11 to 14 points, to push the weekly rebound to 42 points.
The weekly Commitment of Traders report showed spec funds peeling back their net long position in soybean futures and options by 25,753 contracts to 12,654 contracts as of May 20. In soybean meal, managed money was net short a record 107,466 contracts as of Tuesday.
After the Friday threat of June 1 tariffs of 50% on EU goods, President Trump spoke with the EU president over the weekend. Following the call, the potential tariff deadline was pushed back to July 9 to give time for negotiations.
Datagro estimates the 2024/25 Brazilian soybean crop at 172 MMT above the 171.2 MMT previous estimate.
Jul 25 Soybeans closed at $10.60 1/4, down 7 1/4 cents, currently up 5 cents
Nearby Cash was $10.11, down 7 1/4 cents,
Aug 25 Soybeans closed at $10.56, down 6 1/2 cents, currently up 4 3/4 cents
Nov 25 Soybeans closed at $10.50 1/2, down 4 3/4 cents, currently up 3 3/4 cents
New Crop Cash was $9.87 1/2, down 5 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.
