Soybeans are slipping 2 to 7 cents so far on Monday’s midday. There were 4 deliveries issued for July futures on Friday evening. The cmdtyView national average Cash Bean price was down 4 ½ cents at $9.59 1/4. Soymeal futures are down $2.60/ton, as Soy Oil is 31 points higher. There were 198 delivery notice for July soybean meal.
Over the weekend President Trump announced a 30% tariff on the EU and Mexico starting on August 1. On Monday morning, Trump threatened Russian with secondary tariffs (on Russian trade partners) if there is no deal to end the Russian/Ukraine war in 50 days.
USDA tallied soybean export shipments at 147,045 MMT (5.4 mbu) during the week ending on July 10. That was down 63.2% from last week and 16.1% below the same week last year. Mexico was the largest buyer of 32,507 MT in that week. Marketing year exports have totaled 46.411 MMT (1.705 bbu), which is 10.4% above the same period last year.
Rains are expected to be rather widespread this next week, with much of the Corn Belt seeing at least an inch, with the Central Corn Belt upwards of 2-3 inches.
Weekly CFTC data showed managed money in soybean futures and options flipping to a net short of 6,216 contracts as of July 8th. That was a move of 6,641 contracts from their previous minute net long position. Commercials trimmed 9,392 contracts from their net short position to 110,199 contracts as of Tuesday.
Chinese soybean imports were tallied at a June record 12.26 MMT, which was still shy of the 13.92 in May.
Jul 25 Soybeans are at $9.97, down 7 cents,
Nearby Cash is at $9.59 1/4, down 4 1/2 cents,
Aug 25 Soybeans are at $9.99 1/4, down 5 cents,
Nov 25 Soybeans are at $10.06 1/2, down 3/4 cent,
New Crop Cash is at $9.56 3/4, down 2 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.
