Soybeans Slipping Back Ahead of Long Weekend
Soybean futures are posting losses of 5 to 9 cents across most contracts on Thursday. The cmdtyView Cash Bean price is down 8 ½ cents to $10.10 3/4. Soymeal futures are $2.90/ton higher on the day, with Soy Oil futures up 36 points. The market will be closed on Monday for Memorial Day, as well as the government reports delayed, with a normal 7:00 pm CDT open on Monday.
This morning, President Trump announced the potential for more tariffs, this time on EU products, stating they have been hard to deal with. Nothing is official, though he did float a 50% duty starting June 1. Unshipped sales for soybeans are at 0, with commitments at 5.03 MMT. Last year’s commitments to the EU were 5.02 MMT in total, which was 11.3% of the full export total.
USDA’s Export Sales data shows 48.31 MMT in soybean commitments, which is 13% above the same period last year. That is 96% of USDA’s export projection, lagging behind the 99% average pace. Accumulated exports are no 44.15 MMT, which is 88% of the USDA number and matches the average shipping pace.
Jul 25 Soybeans are at $10.59, down 8 1/2 cents,
Nearby Cash is at $10.10 3/4, down 8 1/2 cents,
Aug 25 Soybeans are at $10.55 1/4, down 7 1/4 cents,
Nov 25 Soybeans are at $10.49 1/2, down 5 3/4 cents,
New Crop Cash is at $9.87 1/2, down 6 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.