Mixed Soy Sentiment

The soybean market begins the week with mixed sentiment and moderate price gains. Nearby July soybeans closed last week up 20 cents at 1250-2, reflecting some upward momentum. However, the overall outlook remains uncertain, with traders divided on the direction of November prices. As of May 27, the current price of soybeans is $12.50 per bushel.

Monitoring key Factors:

• Weather: The storms forecasted for the southern Plains pose a significant risk to soybean crops. This could potentially drive prices higher.
• Global Demand: China’s focus on food security and the ongoing conflict in Ukraine continue to influence global demand for soybeans. Monitor news for potential shifts in trade agreements or geopolitical developments that could affect demand.
• USDA Reports: The upcoming Acreage and Grain Stocks reports will offer critical insights into planted acreage and current stockpiles. Depending on whether the data aligns with market expectations, these reports could trigger significant price movements.

Price Action:

• July Soybeans (ZSN24): Recent gains have pushed prices higher, but further upward movement will depend on weather conditions and demand developments.
• November Soybeans (ZSX24): Prices for November contracts are currently uncertain due to conflicting market sentiment. The upcoming USDA reports will likely be crucial in determining price direction.