Soybean Prices Rise Amid Positive Planting Progress and Market Rumors

Soybeans are trading with contracts up 2 to 5 cents, recovering from earlier lows. The cmdtyView Cash Bean price has risen by 3 1/4 cents to $10.23 1/4. In contrast, soymeal futures have seen a decline of $4.90 for the day, while Soy Oil futures have rallied by 170 points as the market approaches the close. On Monday, there were 100 delivery notices for May bean meal; however, none were issued for May bean oil.

The strength in bean oil prices is attributed to rumors regarding the extension of the 45Z tax credit through 2031, which would exclude non-domestic feedstock outside of the U.S., Canada, and Mexico.

Soybean planting is reported at 48% complete as of Sunday, according to the USDA. This figure exceeds both the 37% average pace and the 34% from the same time last year. Among the 18 major states reported by NASS, only Kentucky and Michigan are lagging, trailing by just 1 percentage point. The crop is currently listed at 17% emerged, which is 6 percentage points ahead of the average.

May 25 Soybeans are priced at $10.71, reflecting an increase of 5 cents.

Nearby Cash stands at $10.23 1/4, up 3 1/4 cents.

Jul 25 Soybeans are at $10.74 1/4, gaining 3 cents.

Nov 25 Soybeans are priced at $10.59 1/2, up 2 cents.

New Crop Cash is at $9.96 1/2, with an increase of 2 cents.

On the date of publication, Austin Schroeder did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All information and data in this article are intended solely for informational purposes. For further details, please view the Barchart Disclosure Policy
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The views expressed here are those of the author and do not necessarily reflect those of Nasdaq, Inc.