Soybean Market Sees Minor Gains Amid Tariff News
Soybean prices experienced increases of 2 to 4 cents across most contracts on Wednesday. CmdtyView’s national front month Cash Bean price rose by 3 cents, reaching $9.87 3/4. Soymeal futures recorded gains between $2.40 and $3.30 per ton, while Soy Oil futures climbed by 15 to 24 points. Notably, the CME will close on Friday in observance of Good Friday, with a regular close on Thursday and a scheduled reopening on Sunday night.
US Tariff Hike on China
In overnight news, the U.S. increased the tariff on Chinese imports to 245%. Although China has not yet responded, they previously indicated a reluctance to raise tariffs further after the last adjustment. Despite this significant development, the market showed little reaction to the news.
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Upcoming USDA Export Sales Report
The USDA is scheduled to release their Export Sales report on Thursday morning. Analysts forecast soybean sales for the week of April 10 to range between 100,000 and 800,000 metric tons for the old crop. Estimates for 2025/26 are expected to be between 0 and 150,000 metric tons. Additionally, soybean meal sales are anticipated to fall within 145,000 to 450,000 metric tons, while bean oil sales are projected to be between 0 to 50,000 metric tons.
Latest Pricing Information
May 25 Soybeans closed at $10.38 3/4, reflecting an increase of 2 3/4 cents.
Nearby Cash was $9.87 3/4, up 3 cents.
Jul 25 Soybeans settled at $10.50 1/4, gaining 3 3/4 cents.
Nov 25 Soybeans finished at $10.34 1/4, up 4 1/2 cents.
New Crop Cash reached $9.73 3/4, climbing 4 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 is for informational purposes only. For more details, 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 the views of Nasdaq, Inc.
