Soybean contracts rose by 6 to 9 cents on Thursday, following a phone call between U.S. President Trump and Chinese President Xi that focused on trade. The cmdtyView Cash Bean price is now $10.09, up 9 cents, while soymeal futures increased by up to $2.40/ton. Contrarily, soy oil saw fluctuations, declining by 1 to 16 points in the front months.
The Export Sales data revealed that 194,345 MT of soybeans were booked for the week ending May 29, falling below trade estimates of 100,000 to 500,000 MT. This figure was up 2.5% compared to the same week last year, with Bangladesh being the top buyer at 57,500 MT. Monthly trade data from Brazil indicated that 14.099 MMT of soybeans were shipped in May, an increase from 13.436 MMT last year.
The closing prices for soybeans on July 25 showed notable increases: Jul 25 Soybeans at $10.51 3/4 (up 6 3/4 cents), Nearby Cash at $10.07 1/1 (up 7 cents), Aug 25 Soybeans at $10.46 1/2 (up 7 3/4 cents), and Nov 25 Soybeans at $10.33 1/4 (up 8 1/4 cents).
