Key Moments
- Soybean futures are modestly higher by 1 to 2 cents in early Thursday trade after falling 6 ¾ to 9 cents on Wednesday.
- Open interest declined by 19,147 contracts on Wednesday, driven by 24,809 July contracts coming off the board.
- Traders are awaiting weekly Export Sales data, with expectations for 2025/26 soybean sales between 100,000 and 500,000 MT.
Early Trade and Prior Session Performance
Soybean futures are holding small gains early on Thursday, with contracts trading 1 to 2 cents higher. This follows a weaker finish on Wednesday, when futures slid into the close and ended the session 6 ¾ to 9 cents lower across the board.
Open interest declined noticeably on Wednesday, dropping by 19,147 contracts. That move was heavily influenced by activity in the front month, as 24,809 July contracts exited the market.
Cash Market and Product Futures
The cmdtyView national average cash soybean price moved lower, falling 7 3/4 cents to $10.58 1/4.
In the soy products segment, soymeal futures showed a mixed tone in the nearby contracts, ranging from 70 cents higher to $2.30 lower. Soy oil futures retreated, ending 82 to 113 points weaker.
| Contract / Price | Prior Close Change | Current Move |
|---|---|---|
| Jul 26 Soybeans – $11.08 3/4 | Down 8 1/4 cents | Currently up 1 3/4 cents |
| Aug 26 Soybeans – $11.16 3/4 | Down 7 1/4 cents | Currently up 1 3/4 cents |
| Nov 26 Soybeans – $11.35 | Down 6 3/4 cents | Currently up 2 1/2 cents |
| Nearby Cash | Down 7 3/4 cents | $10.58 1/4 |
| New Crop Cash | Down 7 1/2 cents | $10.69 3/4 |
Weather Outlook
The NOAA 7-day QPF indicates a swath of expected rainfall totaling 1 to 3 inches stretching from Kansas (KS) to the southern parts of the Eastern Corn Belt (ECB). In contrast, lighter precipitation totals of less than 1/2 inch are projected for northern Illinois (IL), much of Iowa (IA), Nebraska (NE), and South Dakota (SD).
Export Sales Expectations
Weekly Export Sales data are due to be released shortly. Market participants are anticipating 2025/26 soybean export sales in a range of 100,000 to 500,000 MT.
For the new crop marketing year in the week ending on June 18, estimates for soybean sales are seen between 450,000 and 1,000,000 MT, based on a Reuters poll of analysts. Projections for soybean meal export sales fall between 200,000 and 500,000 MT, while soybean oil bookings are expected to be between 0 and 13,000 MT.
Cash and Futures Snapshot
July 26 soybean futures last closed at $11.08 3/4, down 8 1/4 cents on the day, and are currently trading 1 3/4 cents higher.
Nearby cash soybeans were quoted at $10.58 1/4, down 7 3/4 cents.
August 26 soybean futures settled at $11.16 3/4, a decline of 7 1/4 cents, and are currently up 1 3/4 cents.
November 26 soybean futures finished at $11.35, down 6 3/4 cents, and are currently 2 1/2 cents higher.
New crop cash soybeans were reported at $10.69 3/4, down 7 1/2 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.
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