Soybeans are trading with fractional gains at Tuesday’s midday. The cmdtyView national average Cash Bean price is up 1/2 cents at $10.65 ¾. Soymeal futures are up $1.60 to $2.30, with Soy Oil futures back down 30 to 52 points.
Crop Progress data from NASS showed 93% of the US soybean crop emerged by 6/21, up 3% from normal, with 9% blooming and 3 percentage points faster than normal. Condition ratings were steady at 66% gd/ex, with the Brugler500 index up 1 point to 369. Ratings dropped 2 points in IL, with IA down 7, MN slipping 6 points, MI losing 2, ND down 8, and SD losing 3 points. Improvement was noted in IN up 20, with NE 12 points higher, OH up 4 points, with a few other fringe states seeing improved ratings.
Weekly Commitment of Traders data from CFTC showed spec funds cutting back another 37,938 contracts from their net long in the week ending on 6/16. The net long was pegged at 52,818 contracts.
On Monday, President Trump indicated unfrozen Iranian funds will be used to buy US ag products, including soybeans. Iranian soybean imports in 2025/26 were 2.15 MMT, and have ranged from 1.55 to 2.8 MMT in the last decade.
ANEC estimates the Brazilian soybean exports in June at 15.21 MMT, a 0.1 MMT drop from their number last week.
Jul 26 Soybeans are at $11.16, up 1/4 cent,
Nearby Cash is at $10.65 3/4, up 1/2 cent,
Aug 26 Soybeans are at $11.23, up 1/2 cent,
Nov 26 Soybeans are at $11.42, up 1/2 cent,
New Crop Cash is at $10.76 3/4, up 0 cent,
