Soybeans are trading with gains of 11 to 18 cents so far on Wednesday morning. Futures closed Tuesday with 5 to 7 cent gains across most contracts on Tuesday. Preliminary open interest rose 2,727 contracts on the day, mostly in the new crop. The cmdtyView national average Cash Bean price was up 5 3/4 cents at $11.27 1/4. Soymeal futures are up 80 cents to $1.10, with Soy Oil futures steady to 51 points lower. There were 200 deliveries issued overnight against March soybean oil. Crude oil was down $8.38 on the day,, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway. They are back up $3.63 this morning.
Optimism held the market up ahead of a meeting between Secretary Bessent and Chinese counterparts this weekend in Paris. That precedes the meeting between Trump and Xi later this month.
The Tuesday update to the USDA WASDE report showed a 5 mbu increase to the US import category, which was offset by a 5 mbu increase to crush, now at 2.575 bbu. That left the net ending stocks unchanged at 350 mbu.
Brazilian soybean production was left alone this month at 180 MMT, though the Argentina total did see a 0.5 MMT drop to 48 MMT. The only other major world change was a 0.18 MMT increase to old crop carryover, as the 2025/26 stocks were trimmed by 0.2 MMT to 125.31 MMT.
Chinese soybean imports for January and February have totaled 12.55 MMT according to the country’s customs data, down 7.8% from last year.
Mar 26 Soybeans closed at $11.87 1/4, up 6 3/4 cents, currently up 17 cents
Nearby Cash was $11.27 1/4, up 5 3/4 cents,
May 26 Soybeans closed at $12.01 3/4, up 5 1/2 cents, currently up 18 ¼ cents
Jul 26 Soybeans closed at $12.15, up 6 cents, currently up 18 cents
