Soybeans are trading with contracts within 2 cents of unchanged early on Thursday. Futures closed the Wednesday session with contracts down 2 to 7 ¼ cents in the red, led by the nearbys. Preliminary open interest on Wednesday was down 9,400 contracts, mostly out of the July, down 24,741 contracts. The cmdtyView Cash Bean price is 10 3/4 cents lower to $10.02 1/2. Soymeal futures were down $1 to 1.70/ton, as Soy Oil was 5 to 23 points higher. 

Forecasts in the next week from NOAA are showing precip for much of the country.

Later on Tuesday, the US and China agreed to a framework deal to ease the tensions between the two countries. Chinese tariffs on US goods are set at 10% for the time being. While no actual trade deal came from the meeting, it is a sign that things are cooling between the two, for now.  

Export Sales data will be out this morning, as the trade estimates old crop bookings at 100,000-500,000 MT in the week of 6/5. Sales for 2025/26 are seen at 0-200,000 MT. 

Traders surveyed by Bloomberg are looking for an average increase of 3 million bushel to the old crop US soybean carry out to 353 mbu.  For the new crop figure, analysts are looking for a slight increase to 298 mbu. Analysts are not looking for much of a change to the South American numbers, with Brazil seen up 0.3 MMT to 169.3 MMT and Argentina 0.1 MMT higher at 49.1 MMT.

Brazil’s soybean crop was raised by 1.26 MMT this morning per CONAB estimates to 169.6 MMT.

Jul 25 Soybeans  closed at $10.50 1/2, down 7 1/4 cents, currently down ½ cents

Nearby Cash  was $10.02 1/4, down 10 3/4 cents,

Aug 25 Soybeans  closed at $10.45 1/2, down 4 cents, currently up 1 ½ cents

Nov 25 Soybeans  closed at $10.29 1/4, down 2 cents, currently up 2 cents

New Crop Cash  was $9.70 1/4, down 2 1/4 cents,