Soybean saw strength on Tuesday, as contracts were steady to 3 cents higher across most months. The cmdtyView Cash Bean price was up 3 3/4 cents to $10.15. Soymeal futures were a dime higher to 40 cents/ton lower on the day, with Soy Oil futures up 4 to 25 points.
Weekly Export Inspections data tallied soybean shipments at just 194,904 MT (7.16 mbu) in the week that ended on May 22. That was back down 12.6% from the week prior and 13.5% below the same week last year. Egypt was the largest destination of 53,244 MT, with 51,539 MT headed to Mexico. Marketing year shipments are now 44.34 MMT (1.629 bbu), an increase of 11% from the same week last year.
Crop Progress data from this afternoon showed 76% of the crop planted as of Sunday, ahead of the 68% average pace but shy of the average trade guess of 77%. The crop was 50% emerged, faster than the 40% average. Conditions will be reported next Monday.
After the Friday threat of June 1 tariffs of 50% on EU goods, President Trump spoke with the EU president over the weekend. Following the call, the potential tariff deadline was pushed back to July 9 to give time for negotiations.
Jul 25 Soybeans closed at $10.62 1/2, up 2 1/4 cents,
Nearby Cash was $10.15 1/1, up 3 3/4 cents,
Aug 25 Soybeans closed at $10.58, up 2 cents,
Nov 25 Soybeans closed at $10.50 3/4, up 1/4 cent,
New Crop Cash was $9.88 1/4, up 3/4 cent,
