Soybean Trade Rises as US Crop Progresses Ahead of Schedule

Soybeans experienced higher trading at Tuesday’s close, with contracts rising by 2 to 4 cents in most front months. The cmdtyView Cash Bean price increased by 2 ¼ cents, settling at $10.03 1/2. Soymeal futures saw an uptick of 70 cents to $1.50 per ton, while Soy Oil futures closed up between 6 and 15 points.

US Soybean Crop Progress

As of May 18, the US soybean crop was reported at 66% planted, which is 13 percentage points ahead of the historical average. Among the major 18 states monitored by the USDA, only Kentucky and Mississippi showed delays in planting. The crop was also listed at 34% emerged, significantly higher than the 5-year average of 23% for this time of year.

Chinese Import Data and Brazilian Exports

Chinese import figures for April reveal that 4.6 million metric tons (MMT) were sourced from Brazil, reflecting a 22.2% decrease from the previous year. In contrast, imports from the US fell to 1.38 MMT, a drop of 43.7% compared to 2024.

According to ANEC, Brazilian soybean exports for May are estimated at 14.52 MMT, which is an increase of 0.25 MMT from earlier projections. Additionally, Argentina’s temporary reduction of the soybean export tax to 26% is set to end in June, reverting to 33% on July 1. This will also affect related products, raising their tax to 31%, as stated by the Economic Ministry on Tuesday.

Current Soybean Prices

Jul 25 Soybeans closed at $10.53, up 2 1/4 cents.

Nearby Cash was at $10.03 1/2, also up 2 1/4 cents.

Aug 25 Soybeans ended at $10.50 1/4, increasing by 2 1/2 cents.

Nov 25 Soybeans concluded at $10.41, up 4 cents.

New Crop Cash reached $9.78, up 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
here.

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