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Soybeans were strengthening on Thursday, as contracts were up 6 to 9 cents across most months following a call between President Trump and China’s President Xi. Contracts are up 7 to 9 cents. The cmdtyView Cash Bean price is up 9 cents to $10.09. Soymeal futures were steady to $2.40/ton higher, as Soy Oil were down 1 to 16 points in the font months, with others up 3 to 15 points.
President Trump and Chinese President Xi held a phone call this morning to discuss trade, earlier than the Friday date reports previously rumored. Following the talks Trump the call focused almost entirely on trade, and implied more talks to come.
Export Sales data indicated a total of 194,345 MT of soybeans booked in the week of May 29, on the lower side of trade estimates of 100,000 to 500,000 MT in 2024/25 soybean sales. That was back up from last week and 2.5% larger than the same week last year. The top buyer was Bangladesh of 57,500 MT, with 29,600 MT sold to Norway, as China now has 0 MT on the book of unshipped sales. New crop business was just 3,544 MT, creeping in the estimated range of 0 to 100,000 MT. That was a 6-week low.
Soybean meal sales were reported at the low end of the estimated 200,000 MT to 700,000 MT at 264,940 MT. That was a 4-week low in sales. Soybean oil sales totaled 11,780 MT, which fell within analysts estimated, with 5,000 to 35,000 MT in the week of 5/29. That was the lowest in 5 weeks.
Census data showed a total of 2.18 MMT (81 mbu) of soybeans shipped in April, up 23.17% from last year. Soybean meal exports totaled 1.346 MMT, a record for the month but down 15.55% from last month. Bean oil shipments were 159,050 MT, a 16-year high for the month.
Monthly trade data from Brazil showed 14.099 MMT of soybeans shipped in May, up from 13.436 MMT last year.
Jul 25 Soybeans closed at $10.51 3/4, up 6 3/4 cents,
Nearby Cash was $10.07 1/1, up 7 cents,
Aug 25 Soybeans closed at $10.46 1/2, up 7 3/4 cents,
Nov 25 Soybeans closed at $10.33 1/4, up 8 1/4 cents,
New Crop Cash was $9.75 1/2, up 8 1/4 cents,
