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Soybeans saw some spreading on Monday, with front months showing 4 to 6 cent gains and new crop down 3 ¼ cents in the November. CmdtyView’s national front month Cash Bean price was up 6 cents at $9.27. Soymeal futures were up $1.80 to $5.30/ton, with Soy Oil futures back down 69 to 98 points.
President Trump has responded to the Chinese retaliatory 34% tariff with an additional 50% on Chinese goods if they don’t take back the issued 34%. He gave them a deadline of Tuesday, April 8 to withdraw the tariffs.
USDA’s Export Inspections report indicated a total of 804,270 MT (29.5 mbu) of soybeans shipped in the week that ended on 4/3. That was down just 1.1% from the previous week but 63.5% above the same week in 2024. That was also the third largest total for this week in the year since 2002. China was the largest destination of 341,278 MT, all shipped before the 34% retaliatory tariff was issued (though it still includes a 10% duty), with 140,658 MT to Egypt. Shipments for the marketing year have totaled 41.555 MMT (1.527 bbu), a 10.6% increase from the same week last year.
AgRural estimates the Brazilian soybean crop at 88% harvested, with the last year at 85%.
May 25 Soybeans closed at $9.83, up 6 cents,
Nearby Cash was $9.27, up 6 cents,
Jul 25 Soybeans closed at $9.97, up 4 cents,
Nov 25 Soybeans closed at $9.81, down 3 1/4 cents,
New Crop Cash was $9.19 1/1, down 3 cents,
