Soybeans failed to hold onto the midday gains, as futures were pressured lower into the close, down 2 to 4 ½ cents. The cmdtyView national average new crop Cash Bean price was down 2 1/2 cents at $9.72 1/4. Soymeal futures were back down 40 cents to $1.80/ton. Soy Oil was back to higher trade, with gains of 29 to 51 points.
Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. Japan will buy $8 billion of US goods including soybeans according to the White House fact sheet. The US and Indonesia also agreed to a deal, which would set US tariffs on Indonesian goods at 19% on most goods, with Indonesia eliminating most tariffs on US goods. Much of the trade focus is on the EU and Chinese trade talks and getting details nailed out before shipping season starts in a couple months.
USDA’s weekly Export Sales date is expected to show between 100,000 and 350,000 MT of old crop soybeans sold in the week ending on 7/17, with 250,000 to 500,000 MT seen for new crop. Soybean meal is expected to see between 250,000 and 550,000 MT, with 0 to 20,000 MT seen for bean oil.
Rain is expected to continue across much of the Corn Belt in the next week, with lighter totals seen in the Southern Plains.
Aug 25 Soybeans are at $10.05 3/4, down 4 1/2 cents,
Nearby Cash is at $9.69 1/4, down 4 1/2 cents,
Sep 25 Soybeans are at $10.05, down 3 cents,
Nov 25 Soybeans are at $10.22 3/4, down 2 3/4 cents,
New Crop Cash is at $9.72 1/4, down 3 1/2 cents,
