Soybean Market Update: Gains Amid Trade Tensions
Soybeans are showing modest gains of 5 to 7 cents this Wednesday morning. Following Tuesday’s trading session, nearby contracts ended the day down between ¼ and 2 ¼ cents, while the remaining contracts rose by 1 to 2 ½ cents. The national front month Cash Bean price, as reported by CmdtyView, decreased by 2 1/4 cents, settling at $9.33. Soymeal futures were down $1.60 to $5.60 per ton, whereas soy oil futures saw a rebound, rising by 89 to 138 points.
Export Sales Data Delayed Due to Holiday
Due to the Thanksgiving holiday, this week’s Weekly Export Sales data will be released on Friday morning.
Brazil’s Soybean Exports Decline
Brazil’s soybean exports are projected to reach 2.46 million metric tons in November, according to the latest estimates from ANEC. This figure marks a 340,000 metric ton decrease from last week’s projection.
Trade Tensions Rise with Potential Tariffs
In related news, President-elect Trump has signaled a possible additional 10% tariff on Chinese goods. This announcement, made via a Truth Social post on Monday, comes in response to the inflow of drugs from China. While this action could enhance bean oil use by limiting imports of used cooking oil, the threat of retaliatory tariffs on soybean exports to China poses a significant concern.
Current Soybean Futures Pricing
As of now, January ’25 Soybeans are priced at $9.83 1/2, showing a decrease of 2 1/4 cents, yet currently rising by 7 cents. Nearby Cash stands at $9.33, down by 2 1/4 cents. Meanwhile, March ’25 Soybeans closed at $9.94, down 1/4 cent, but are currently up by 5 3/4 cents. For July ’25 Soybeans, the closing price was $10.21 1/2, up 1 1/4 cents, with a current increase of 5 1/2 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 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.
