Soybeans Holding onto Gains at Midday
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 new crop.
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Japan and the US agreed to a trade deal that was announced late on Tuesday. Tariffs will be set at 15% starting August 1. 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. Ahead of a meeting with Chinese counterparts, Treasury Secretary Bessent expects to see the tariff deadline of August 12 extended.
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 $10.12, up 1 3/4 cents,
Nearby Cash is at $9.75 1/2, up 1 3/4 cents,
Sep 25 Soybeans are at $10.10 1/2, up 2 1/2 cents,
Nov 25 Soybeans are at $10.28, up 2 1/2 cents,
New Crop Cash is at $9.78, up 2 1/2 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. This article was originally published on Barchart.com
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