Lang
Soybean markets staged a late rally on Wednesday, closing the session 19 to 21 points higher. The domestic cash soybean price (according to CmdtyView data) rose 20.75 cents to $9.59 3/4 a bushel. Soymeal futures gained $90 to $3.50 a tonne, while soybean oil futures climbed between 120 and 141 points.
Late in Wednesday's session, President Trump announced a 90-day suspension of tariffs on targeted countries, excluding China. The blanket 10% tariff on all countries remained in place, while new tariffs on China were raised to 125% on all of the country's imports.
The US Department of Agriculture (USDA) reported a private sale of 198,000 tonnes of soybeans to unknown destinations this morning. Analysts expect 2024/2025 soybean sales to range between 200,000 and 700,000 tonnes for the week ending 3 April, ahead of Thursday's weekly export sales report. New-crop sales are estimated at zero to 50,000 tonnes. Soymeal sales are expected to range between 75,000 and 470,000 tonnes, while soybean oil sales are projected at 5,000 to 37,000 tonnes.
The USDA will also update its US and world supply and demand balance sheets on Thursday through its monthly WASDE report. The market expects US ending soybean stocks to come in at 379 million bushels, according to a Reuters survey of analysts, compared with 380 million bushels in last month's report. South American estimates are expected to see only minor changes, with Argentina's crop likely to be trimmed by 0.21 million tonnes to 48.79 million tonnes, while Brazil's estimate could rise by 0.11 million tonnes to 169.11 million tonnes.