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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:

StateChange 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 / MarketRecent CloseChange at CloseCurrent Move
Jul 26 Soybeans$11.30up 10 3/4 centscurrently up 8 cents
Nearby Cash$10.77up 10 3/4 cents
Aug 26 Soybeans$11.34 1/2up 11 centscurrently up 8 1/4 cents
Nov 26 Soybeans$11.46 1/2up 11 3/4 centscurrently up 9 cents
New Crop Cash$10.81 1/4up 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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