Soybeans saw higher trade at Tuesday’s close, with contracts up 2 to 4 cents across most front months. The cmdtyView Cash Bean price was up 2 ¼ cents to $10.03 1/2. Soymeal futures were up 70 cents to $1.50/ton on the day, with Soy Oil futures closing up 6 to 15 points.
The US soybean crop was tallied at 66% planted as of May 18, 13 percentage points ahead of the average pace. Of the major 18 states the USDA reports on, just KY and MS were reported behind normal. The crop was listed at 34% emerged, with the 5-year average at 23% by that date.
Chinese April import data shows 4.6 MMT originated from Brazil, down 22.2% from last year, with 1.38 MMT sourced via the US, which is down 43.7% from 2024.
ANEC estimates the May Brazilian soybean exports at 14.52 MMT, which is 0.25 MMT above their previous estimate. Argentina’s export tax reduction on soybeans to 26% is set to expire at the end of June and will not be extended. The rate will revert back to 33% on July 1, with the products back up to 31% according to a Economic Ministry release on Tuesday.
Jul 25 Soybeans closed at $10.53, up 2 1/4 cents,
Nearby Cash was $10.03 1/2, up 2 1/4 cents,
Aug 25 Soybeans closed at $10.50 1/4, up 2 1/2 cents,
Nov 25 Soybeans closed at $10.41, up 4 cents,
New Crop Cash was $9.78, up 4 cents,
