Soybean Market Shows Resilience Amid Mixed Close

The soybean market displays slight strength this Wednesday morning. On Tuesday, soybeans ended the day mixed, with front months down 4 to 6 cents, while some new crop contracts remained firm. Preliminary open interest fell by 2,692 contracts on Tuesday. CmdtyView reported the national front month Cash Bean price decreased by 5 1/4 cents, settling at $9.41. Soymeal futures closed steady to $2.70 per ton lower for most contracts, while Soy Oil futures increased by 15 to 34 points.

Expectations Ahead of Prospective Plantings Report

Traders are preparing for the Prospective Plantings report scheduled for Monday. A survey conducted by Bloomberg indicates expectations for an average of 83.8 million acres of soybeans, with estimates ranging from 82.5 to 85.5 million acres.

European Soybean Imports on the Rise

From July 1 to March 23, the European Union (EU) has imported 9.84 million metric tons (MMT) of soybeans, compared to 9.23 MMT during the same period last year. Soymeal imports have reached 13.6 MMT, significantly higher than the 10.73 MMT imported in the previous year.

Market Closing Prices Update

On May 25, Soybeans closed at $10.01 3/4, down 5 1/2 cents, but are currently up 2 cents. Nearby Cash prices were reported at $9.42, down 5 1/4 cents.

For Jul 25, Soybeans closed at $10.15 1/2, down 4 cents, and are currently up 1 1/2 cents. Nov 25 Soybeans finished unchanged at $10.06 1/2 and are currently up 1 cent. New Crop Cash remained stable at $9.43 1/2, also unchanged.

As of the publication date, Austin Schroeder does not hold (either directly or indirectly) positions in any of the securities mentioned. All information and data presented are for informational purposes only. For more details, please refer to the Barchart Disclosure Policy here.

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