Soybeans are showing 4 to 6 cent higher trade so far on Wednesday morning, Futures stuck close to unchanged on Tuesday, with contracts closing fractionally to 2 cents higher on the day. Tuesday’s preliminary open interest was up 1,571 contracts, as 15,447 contracts were exiting July. The cmdtyView Cash Bean price was up 1 1/2 cents to $10.13. Soymeal futures were mixed with contracts up 40 cents to down $1.70/ton, as Soy Oil was 30 to 41 points higher. 

Later on Tuesday, the US and China agreed to a framework deal to ease the tensions between the two countries. While no actual trade deal came from the meeting, it is a sign that things are cooling between the two, for now.  

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.

Weekly Crop Progress data from USDA showed planting in IN (-1%), KY (-5%), MI (-1%), MS (-5%), NE (-1%), and OH (-2%) were lagging behind their respective averages. Conditions were up 1% across the country to 69% good/excellent, as the Brugler500 index was up 2 points to 372. By state, IN (-3), KS (-10), NE (-4), and MN (-1) were notable decreases. Improvement was seen in IL (+1), MS (+13), SD (+9), with MO, ND, and OH all up 8 points.

ANEC estimates the Brazilian soybean export total at 14.08 MMT for June, which is up 1.53 MMT from their previous projection from last week. 

Jul 25 Soybeans  closed at $10.57 3/4, up 1 3/4 cents, currently up 4 3/4 cents

Nearby Cash  was $10.13 1/1, up 1 1/2 cents,

Aug 25 Soybeans  closed at $10.49 1/2, up 1 3/4 cents, currently up 5 1/2 cents

Nov 25 Soybeans  closed at $10.31 1/4, up 1/2 cent, currently up 5 1/4 cents

New Crop Cash  was $9.73 1/2, up 1/4 cent,