Soybeans are trading with contracts fractionally mixed. Futures were weaker early on during the Thursday session, but contract came back to close with 1 to 2 cent gains in the nearbys. September was an exception, down 4 cents on thin trade. There were 125 deliveries issued against September beans overnight. Preliminary open interest was down 8,784 contracts on Thursday. The cmdtyView national average Cash Bean price was up 1/2 cent at $9.55 3/4. Soymeal futures were steady to $3.50 higher on the day, with Soy Oil futures 7 to 13 points at the close. There were no deliveries against September meal overnight, with 138 issued for September bean oil.
The US/Japan trade deal was finalized on Thursday afternoon, with the White House stating Japan will increase “purchases of United States agricultural goods, including corn, soybeans, fertilizer, bioethanol (including for sustainable aviation fuel), as well as other United States products, in amounts totaling $8 billion per year.” For reference, Japan’s annual buying of those three specific good totaled $2.5 to $4.8 billion over the last 5 years.
