Soybeans are continuing their upward trend on Thursday morning, with contracts seeing gains of 7 to 11 cents. This follows a strong rally on Wednesday, where contracts were up 20 to 26 cents. Preliminary open interest also saw an increase of 1,808 contracts on Tuesday, indicating growing interest in the market. There were no deliveries issued overnight, further contributing to the positive sentiment.
The national average Cash Bean price saw a significant increase of 23 3/4 cents, reaching $10.12 1/2. Soymeal futures also experienced gains of $2.90 to $4.10, while Soy Oil was up 110 to 140 points. Additionally, overnight deliveries for July bean meal and bean oil saw an issuance of 512 contracts and 18 contracts respectively.
As traders gear up for the last trade day of the week ahead of Independence Day on Friday, analysts are expecting strong numbers in the Export Sales report. Old crop beans are anticipated to be between 300,000 and 700,000 MT, with new crop sales expected to total between 0 and 300,000 MT. Soybean meal sales are projected to be in the range of 100,000 to 650,000 MT, while bean oil bookings are expected to see net reductions of 10,000 MT to sales of 26,000 MT.
In other news, President Trump announced a trade deal with Vietnam on Wednesday, highlighting the country’s elimination of tariffs on US goods. This development is significant for the soybean market, as nearly 5.7% of all US soybean meal export commitments for 2024/25 have been for Vietnam, along with 2% of all bean commitments.
Weather-wise, the 7-day QPF from NOAA shows rains of up to 1.5 inches in parts of NE, IA, MN, WI, and the Dakotas. The ECB is expecting lighter totals, which could impact crop conditions in these regions.
Closing numbers for soybean futures on Thursday saw Jul 25 Soybeans at $10.50 1/2, up 25 3/4 cents, Aug 25 Soybeans at $10.53 1/2, up 23 3/4 cents, and Nov 25 Soybeans at $10.48, up 20 3/4 cents. New Crop Cash was at $10.00, up 21 cents.
It’s important to note that the information provided in this article is for informational purposes only. The original article was published on Barchart.com.
