Soybean Futures Rally as Market Responds to Positive Trade Comments
Soybean futures experienced a notable uptick on Tuesday, with contracts increasing by fractions up to 6 cents, primarily driven by nearby contracts. According to CmdtyView, the national front month Cash Bean price rose by 6 3/4 cents, settling at $9.85 1/4. In related markets, soymeal futures climbed by $0.80 to $1.00 per ton, while soy oil futures faced a decline of 4 to 28 points.
Support in the market came from remarks made by Treasury Secretary Bessent, who expressed optimism about reaching a deal with China. This sentiment contributed to the market’s resilience amidst ongoing trade tensions. Overall, soybeans have held steady despite the challenges posed by the trade spat with China.
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As of Sunday, the US soybean crop was recorded at 8% planted, outpacing the 5-year average of 5%. While Kentucky, Michigan, and Ohio lagged behind the typical pace, states like Iowa reached 11% planting (compared to a 3% average), and Illinois reported 10% (against a 7% average).
In Europe, soybean imports from July 1 to April 20 totaled 11.22 million metric tons (MMT), marking a 9% increase compared to the same timeframe last year. Also notable were meal imports during this period, which reached 15.14 MMT, an increase from the previous year’s 12.02 MMT.
May 25 Soybeans closed at $10.35, an increase of 5 1/2 cents.
Nearby Cash settled at $9.85 1/4, up by 6 3/4 cents.
Jul 25 Soybeans finished at $10.46, rising 4 1/2 cents.
Nov 25 Soybeans closed at $10.26 1/2, up by 3/4 cent.
New Crop Cash was recorded at $9.65 1/2, reflecting a rise of 1/2 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 is 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.
