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The soybean market got a late session rally on Wednesday to close the day with 19 to 21 point gains. CmdtyView’s national front month Cash Bean price was up 20 3/4 cents at $9.59 3/4. Soymeal futures were up 90 cents to $3.50/ton, with Soy Oil futures up 120 to 141 points.
Late on the Wednesday session, President Trump announced that there would be a 90-day tariff pause on the targeted countries with the exception being China. The blanket 10% tariff were left on for all countries. The new tariffs on China were raised to 125% on all imports from the country.
The USDA reported a private export sale of 198,000 MT of soybeans to unknown destinations this morning. Analysts estimate the 2024/25 soybean sales at 200,000 to 700,000 MT in the week of April 3 ahead of the Export Sales report on Thursday. New crop is estimated to be 0-50,000 MT. Soybean meal sales are estimated to be in a range of 75,000 to 470,000 MT, with bean oil expectations at 5,000 to 37,000 MT.
USDA will update the US and World balance sheets on Thursday via the monthly WASDE. The trade is looking for US carryout to be tallied at 379 mbu according to a Reuters survey of analysts, vs. 380 mbu in last month’s report. South America is expected to see very little change, with Argentina down 0.21 MMT to 48.79 and Brazil estimates up 0.11 to 169.11 MMT.
May 25 Soybeans closed at $10.12 3/4, up 20 cents,
Nearby Cash was $9.59 3/4, up 20 3/4 cents,
Jul 25 Soybeans closed at $10.23 1/2, up 19 1/2 cents,
Nov 25 Soybeans closed at $9.97, up 19 1/4 cents,
New Crop Cash was $9.36 1/2, up 19 1/4 cents,
