Soybean contracts rose by 8 to 15 cents on Wednesday, with July 24 soybeans priced at $11.79 3/4, reflecting a gain of 14 3/4 cents. Soymeal increased by $0.40 per ton, while soybean oil jumped by 79 to 159 points. A private export sale of 110,100 metric tons (MT) of soybeans to unknown destinations was reported by the USDA, comprising 55,100 MT for the old crop and 55,000 MT for the new crop. May soybean exports totaled 1.41 million MT, down 20.38% from the previous month but up 42.94% year-over-year.
Indonesia has threatened to impose 200% tariffs on Chinese consumer goods, which may lead to retaliatory tariff increases on Indonesian products, including palm oil. This situation could positively affect soybean oil as a substitute for vegetable oil, although concerns remain that decreased palm oil exports could impact other oil markets.
With the 4th of July holiday approaching, Wednesday marked the last full trading day of the week, with a hard opening set for 8:30 AM CDT on Friday.
