Soybean Market Shows Mixed Gains Amid Weather and Tax Changes

The soybean market is currently trading with modest gains of up to 5 cents on Wednesday, driven primarily by strength in front months. Overnight, the exchange recorded 2 delivery notices for May soybeans, along with 53 for soybean meal and 317 for May soybean oil. The cmdtyView Cash Bean price has increased by 3.75 cents to $10.26 1/2. In contrast, soymeal futures are down 50 cents on the day, while soy oil futures have climbed by 52 points.

Looking ahead, widespread rains are anticipated over the next week from the Northern Plains to the Eastern Corn Belt (ECB). While these conditions may slow some planting activities, they will likely benefit crops already established in the ground.

On a related note, Indonesia has announced an increase in its export tax on crude palm oil, raising it from 7.5% to 10%, effective May 17.

Traders are anticipating data from the National Oilseed Processors Association (NOPA), set to be released Thursday morning. The expected total for soybeans crushed in April is 184.64 million bushels, which would reflect a decrease of 5.1% month-over-month but a 9% increase year-over-year. Additionally, bean oil stocks are projected to be reported at 1.412 billion pounds.

Current Soybean Prices

• May 25 Soybeans: $10.58, down 9 1/4 cents
• Nearby Cash: $10.26 1/2, up 3 3/4 cents
• Jul 25 Soybeans: $10.77, up 4 1/2 cents
• Nov 25 Soybeans: $10.59 3/4, up 1/4 cent
• New Crop Cash: $9.97 1/4, up 3/4 cent

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