Soybean Futures Rise Amid Legislative Developments and Planting Progress

Soybean contracts rebounded on Tuesday, with prices increasing by 1 to 2 cents in the nearby months. The cmdtyView Cash Bean price rose by 1 3/4 cents, reaching $10.22 3/4. In contrast, soymeal futures decreased by $3.80 to $5.20, while soy oil futures experienced a notable rally, gaining 116 to 161 points as the day closed.

Legislative Impact on Bean Oil Prices

The recent strength in bean oil prices is linked to a proposed House bill that aims to extend the 45Z tax credit through 2031. This legislation would exclude non-domestic feedstock from countries outside the US, Canada, and Mexico.

Soybean Planting and Crop Progress

As of Sunday, the USDA reported that soybean planting was 48% complete, surpassing the 37% average for this time of year and the 34% completion rate from the previous year. Among the 18 major states monitored by NASS, only Kentucky and Michigan were trailing by 1 percentage point. The crop has also shown strong early development, with 17% emerged—6 percentage points ahead of the average pace.

Brazilian Export Estimates Increase

Meanwhile, ANEC has revised its estimate for Brazilian exports in May to 14.27 million metric tons (MMT), an increase of 1.67 MMT from previous projections.

Recent Closing Prices for Soybeans

May 25 Soybeans closed at $10.67 1/4, up 1 1/4 cents.

Nearby Cash was $10.22 3/4, up 1 3/4 cents.

Jul 25 Soybeans closed at $10.72 1/2, up 1 1/4 cents.

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

New Crop Cash was reported at $9.96 1/4, up 1 3/4 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.