Soybeans meet on Wednesday

Soybeans were in rally mode on Wednesday, with a 20-26 cent rise that day. CMDTyview National Average Cash Bean prices rose 23 3/4 cents at 10.12 $10.12 1/2. Tofu futures were $2.90-$4.10 more per day, as soybean oil rose 110-140 points.

Thursday will be the last trade day of the week due to Friday’s Independence Day.

Analysts surveyed by Reuters ahead of the export sales report on Thursday morning are looking for 300,000 to 700,000 mt of old beans booked on June 26th. New crop sales are expected to total 0-300,000 mt. Soybean meal sales total 100,000-650,000 mt, with soybean reservations expected with a sales range of 26,000 mt over a range of 10,000 mt.

Today, President Trump announced a trade agreement with Vietnam, saying the country has not charged tariffs on US goods. Almost 5.7% of US soybean meal export commitments in 2024/25 are towards Vietnam, with 2% of all beans’ commitments to the country.

NOAA’s 7-day QPF shows up to 1.5 inches of rain in parts of NE, IA, MN, WI and Dakotas. The ECB shows expectations for a lighter total.

Soybeans on July 25th closed at $10.50 1/2, rising 25 3/4 cents,

Cash nearby rose 10.12 1/2 and 23 3/4 cents.

On August 25th, soybeans were closed at $10.53 1/2, rising 23 3/4 cents,

On November 25th, soybeans closed at $10.48, rising 20 3/4 cents.

New crop cash increased by $10.00, up 21 cents.

On the date of publication, Austin Schroeder had no position (directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published barchart.com