Soybeans pushed lower into Thursday’s close, as contracts settled with losses of 6 ¾ to 15 ¼ cents on the day, led by the nearbys. Soymeal was down 70 cents to $3.0 at the closing bell. Soy Oil was down another 22 to 90 points on the day.  

Export Sales data tallied the weekly soybean sales in the week that ended on April 11 at 485,795 MT. That was in the middle of the 300,000-650,000 MT trade estimates and a 4-week high. China purchased 131,000 MT, with 84,500 MT sold to Mexico. The new crop was 263,200 MT, a MY high for the 24/25 total. 

USDA reported a private export sale of 138,000 MT of soybean meal to the Philippines this morning. The weekly report showed soy meal sales on the low end of the 100,000 to 400,0000 MT estimates at a total of 129,789 MT, with bean oil reported at just 140 MT. 

President Biden has suggested raising the tariff rate on Chinese steel from 7.5% to 25%. In response, China’s commerce ministry has urged the US to stop raising tariffs on Chinses products. China has been trying to improve youth unemployment by ramping up manufacturing and sending the excess production into the world market, with some suggesting prices are below the cost of production. While there has been no mention of soybeans, if there is any follow-through, it is awfully reminiscent of the last Trade War.

May 24 Soybeans  closed at $11.34 1/4, down 15 1/4 cents,

Nearby Cash   was $10.80 1/2, down 15 1/8 cents,

Jul 24 Soybeans  closed at $11.49, down 15 1/4 cents,

Nov 24 Soybeans  closed at $11.49 1/4, down 12 cents,

New Crop Cash   was $10.86 3/4, down 12 cents,