Soybean Bulls Struggling at Midday
Soybeans are sticking to steady at midday, with contracts up fractionally to 3 cents lower. The cmdtyView Cash Bean price is up 1/2 cent to $10.02 1/4. Soymeal futures were up $2.70/ton on the day, with Soy Oil futures 83 points lower.
Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling.
Export Sales data is pushed back to a Friday AM release due to the Monday holiday. Analysts are looking for 150,000 to 500,000 MT for old crop beans and 0 to 250,000 MT for new crop. Bean meal is expected to total 150,000 to 450,000 MT, with bean oil seen in a range of 5,000 to 32,000 MT.
Jul 25 Soybeans are at $10.49, up 1/2 cent,
Nearby Cash is at $10.02 1/4, up 1/2 cent,
Aug 25 Soybeans are at $10.45 1/4, down 0 cent,
Nov 25 Soybeans are at $10.34 1/2, down 3 cents,
New Crop Cash is at $9.72 1/4, down 2 3/4 cents,
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.