Key Moments
- Soybean futures added 8 to 9 cents in Wednesday morning activity after closing Tuesday up 7 1/2 to 11 3/4 cents.
- NASS reported U.S. soybean conditions at 66% good/excellent, with notable weekly gains in IN, MN, ND, and SD and declines in IL, IA, NE, and OH.
- Brazil’s June soybean exports were estimated at 15.31 MMT by ANEC, an increase of 0.93 MMT from its prior projection.
Futures Strength Carries Over From Tuesday Session
Soybean futures were higher on Wednesday morning, trading 8 to 9 cents above the prior settlement. The move extended Tuesday’s rebound, when early downside pressure faded as buying emerged during the day session, lifting contracts by 7 1/2 to 11 3/4 cents at the close.
Market participants cited talk of potential Chinese interest in U.S. soybeans as an early driver of demand-focused buying. Open interest data indicated only a slight change, down 249 contracts, pointing to a modest shift in positioning rather than a broad move in or out of the market.
The cmdtyView national average cash soybean price advanced 10 3/4 cents to $10.77 3/4. In the product markets, soymeal futures settled $1.50 to $2.80 higher, while soy oil futures declined 55 to 145 points, with the sharpest losses posted in nearby contracts.
U.S. Crop Conditions Edge Higher
The latest weekly Crop Progress report from NASS showed a 1 percentage point improvement in U.S. soybean condition ratings, with 66% of the crop categorized as good to excellent. The Brugler500 index also ticked higher by 1 point to 368.
Regionally, the crop outlook improved significantly in several key producing states. Reported week-over-week condition changes included:
| State | Change in Condition Rating |
|---|---|
| Indiana (IN) | +10 |
| Minnesota (MN) | +4 |
| North Dakota (ND) | +10 |
| South Dakota (SD) | +11 |
| Illinois (IL) | -7 |
| Iowa (IA) | -6 |
| Nebraska (NE) | -12 |
| Ohio (OH) | -1 |
Brazil Export Outlook Firming
On the export front, Brazil’s June soybean shipments were projected at 15.31 MMT by ANEC. This figure was 0.93 MMT higher than the organization’s previous estimate, signaling an upward revision to expected volumes.
Price Board Snapshot
Recent futures and cash indications included the following levels:
| Contract / Market | Recent Close | Change at Close | Current Move |
|---|---|---|---|
| Jul 26 Soybeans | $11.30 | up 10 3/4 cents | currently up 8 cents |
| Nearby Cash | $10.77 | up 10 3/4 cents | – |
| Aug 26 Soybeans | $11.34 1/2 | up 11 cents | currently up 8 1/4 cents |
| Nov 26 Soybeans | $11.46 1/2 | up 11 3/4 cents | currently up 9 cents |
| New Crop Cash | $10.81 1/4 | up 12 cents | – |
Disclosure
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.
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