Soybean futures closed with losses of 6 to 7 ½ cents across the front months on Wednesday. The cmdtyView national average Cash Bean price was down 6 cents at $9.27 1/2. Soymeal futures were under pressure on Wednesday, down $2.10 to $4.40. Soy Oil futures were mixed, down 5 to 28 points higher. There were 518 delivery notices for August soybean meal overnight, with none issued for soybeans and soybean oil.
Temps are expected to warm up for a good portion of the central and eastern corn belt through the weekend. Precip is seen as limited through Friday, with some forecast for ND an scattered totals in IA and WI. The early part of next week is showing 1 to 2 inch totals expected for southern NE, IA, northern MO, and WI.
Export Sales data is expected to show between 100,000 and 300,000 MT of 2024/25 soybean sales in the week of July 31, with 200,000 MT and 500,000 MT for new crop business in Thursday morning’s report. Soybean meal sales are seen in a range of 100,000 to 400,000 MT, with bean oil expectations of 0-13,000 MT.
Following threats of increased tariffs if India doesn’t stop purchasing Russian oil, President Trump is set to raise tariffs by 25% to 50% on India starting on August 27 if they continue to import Russian oil.
Brazil’s trade ministry pegged the July soybean export total at 12.257 MMT, which was a record for the months, 8.95% above last year but a drop of 8.67% from June. The record crop is extending their shipping season.
Aug 25 Soybeans closed at $9.61 1/2, down 7 1/2 cents
Nearby Cash was $9.27 1/2, down 6 cents
Sep 25 Soybeans closed at $9.65 1/2, down 6 cents
Nov 25 Soybeans closed at $9.84 1/2, down 6 1/4 cents
New Crop Cash was $9.16 1/2, down 6 1/4 cents
