Daily Soybean Report
Reports are currently on hiatus.
Returning Monday, June 15.
Returning Monday, June 15.
Soybean Complex - Rally on Crude Strength, 60-Day Iran Truce Extension Hits Overnight
Futures. July soybeans +9-2 to 1194-4; Aug +11-2 to 1196-0; Nov +12-4 to 1194-0. Soymeal firmer - July +3.5 to 334.1. Soyoil led the complex - July +1.44 to 76.70 (+1.91%). The complex rallied on a stronger crude session and short covering with crush margins solid. Overnight reversal: US-Iran tentatively agreed to a 60-day ceasefire extension, with WTI dropping toward $88.
Hormuz/Energy. US and Iran have reportedly reached a tentative deal to extend the ceasefire by 60 days and lift restrictions on shipping through the Strait of Hormuz, pending Trump's approval. The framework would include the US lifting its blockade of Iranian ports and some sanctions on Iranian oil sales, with difficult issues including Iran's nuclear program deferred to subsequent rounds. Vance: "We're not there yet, but we're very close." Iran's Tasnim says the text has not been finalised. WTI dropped toward $88 and Brent closed near $94. US crude is now headed for its biggest monthly loss in more than a year.
Argentina. The oilseed workers' strike ended hours after it began, with the government forcing unions and exporters into wage talks. The brief disruption scare at the Up River crush hub helped support the complex Thursday. Harvest now 84.6% complete per BAGE, up from ~75% a week ago.
US Crop & Weather. USDA's weekly Ag in Drought report shows 27% of US soybean production now in an area experiencing drought conditions. GEFS 7-day forecast has substantial precipitation through June 5 across the Plains and central Corn Belt - but the outlook turns drier next week east of the Mississippi and north of the Ohio, covering the ECB which has been lagging planting pace. First condition ratings drop next week.
Export Sales Preview. Data delayed to Friday due to the Monday holiday. Trade estimates: old crop beans 150-400k MT, new crop 0-300k MT; soymeal 250-800k MT; bean oil net -5k to +16k MT.
Thursday's rally was a clean crude-driven move - the complex tracked oil higher while Argentina's brief strike scare added a boost. The overnight news flips the setup: a 60-day ceasefire extension, even unsigned, is the most concrete progress since talks began, and WTI under $90 reflects that. If the extension holds and Hormuz traffic starts moving meaningfully, the soyoil premium that's been building all week will unwind. Market is wary though as previous "deals" have hailed progress and then stalled, and Trump formally approved. Today's Export Sales report is the next data point – market will be looking for some China activity.
| Contract | Settle | Change | % Change |
|---|---|---|---|
| Jul 26 (ZSN26) | 1194.5 | +9.25 | +0.78% |
| Aug 26 (ZSQ26) | 1196.0 | +11.25 | +0.95% |
| Sep 26 (ZSU26) | 1185.25 | +12.25 | +1.04% |
| Nov 26 (ZSX26) | 1194.0 | +12.5 | +1.06% |
| Jan 27 (ZSF27) | 1207.0 | +12.75 | +1.07% |
| Mar 27 (ZSH27) | 1207.25 | +13.75 | +1.15% |
| May 27 (ZSK27) | 1210.25 | +14.75 | +1.23% |
| Jul 27 (ZSN27) | 1215.5 | +15.25 | +1.27% |
| Aug 27 (ZSQ27) | 1199.75 | +14.5 | +1.22% |
| Sep 27 (ZSU27) | 1163.5 | +12.0 | +1.04% |
| Contract | Settle | Change | % Change |
|---|---|---|---|
| Jul 26 (ZMN26) | 334.1 | +3.5 | +1.06% |
| Aug 26 (ZMQ26) | 327.3 | +3.8 | +1.17% |
| Sep 26 (ZMU26) | 322.9 | +3.5 | +1.1% |
| Oct 26 (ZMV26) | 319.9 | +3.1 | +0.98% |
| Dec 26 (ZMZ26) | 323.6 | +2.9 | +0.9% |
| Jan 27 (ZMF27) | 324.7 | +2.8 | +0.87% |
| Mar 27 (ZMH27) | 324.2 | +2.5 | +0.78% |
| May 27 (ZMK27) | 324.0 | +2.1 | +0.65% |
| Jul 27 (ZMN27) | 325.9 | +1.7 | +0.52% |
| Aug 27 (ZMQ27) | 324.5 | +1.4 | +0.43% |
| Contract | Settle | Change | % Change |
|---|---|---|---|
| Jul 26 (ZLN26) | 76.70 | +1.44 | +1.91% |
| Aug 26 (ZLQ26) | 75.07 | +1.47 | +2.0% |
| Sep 26 (ZLU26) | 73.72 | +1.46 | +2.02% |
| Oct 26 (ZLV26) | 72.46 | +1.38 | +1.94% |
| Dec 26 (ZLZ26) | 71.62 | +1.35 | +1.92% |
| Jan 27 (ZLF27) | 70.90 | +1.24 | +1.78% |
| Mar 27 (ZLH27) | 70.22 | +1.14 | +1.65% |
| May 27 (ZLK27) | 69.55 | +1.04 | +1.52% |
| Jul 27 (ZLN27) | 68.81 | +1.00 | +1.47% |
| Aug 27 (ZLQ27) | 67.71 | +0.93 | +1.39% |
| Spread | Open | High | Low | Close | Volume |
|---|---|---|---|---|---|
| ZSK6-ZSN6 | -16.0 | -14.75 | -16.25 | -15.0 | 73,998 |
| ZSN6-ZSQ6 | 6.0 | 8.0 | 5.75 | 7.5 | 7,251 |
| ZSQ6-ZSU6 | 22.0 | 23.0 | 20.25 | 22.5 | 1,684 |
| ZSU6-ZSX6 | -4.75 | -3.25 | -5.0 | -3.75 | 2,352 |
| ZSX6-ZSF7 | -11.75 | -11.5 | -12.25 | -11.75 | 2,314 |
| ZMK6-ZMN6 | 5.8 | 6.7 | 5.7 | 5.8 | 37,471 |
| ZMN6-ZMQ6 | 7.2 | 8.2 | 6.4 | 7.8 | 10,414 |
| ZLK6-ZLN6 | 0.8 | 0.88 | 0.54 | 0.6 | 21,030 |
| ZLN6-ZLQ6 | 1.78 | 1.83 | 1.68 | 1.72 | 5,728 |
| Contract | Settle (CNY/t) | Change | % Change |
|---|---|---|---|
| XTN6 — Jul 26 | 4,843 | -7 | -0.14% |
| XTU6 — Sep 26 | 4,871 | -13 | -0.27% |
| XTX6 — Nov 26 | 4,888 | -19 | -0.39% |
| XTF7 — Jan 27 | 4,906 | -15 | -0.30% |
| XTH7 — Mar 27 | 4,918 | -18 | -0.36% |
CNY/t | Dalian Commodity Exchange
| Contract | Settle (MYR/t) | Change | % Change |
|---|---|---|---|
| KOM6 — Jun 26 | 4,482 | +20 | +0.45% |
| KON6 — Jul 26 | 4,509 | +4 | +0.09% |
| KOQ6 — Aug 26 | 4,542 | +5 | +0.11% |
| KOU6 — Sep 26 | 4,570 | +10 | +0.22% |
| KOV6 — Oct 26 | 4,599 | +14 | +0.31% |
MYR/t | Malaysia Derivatives Exchange
CFTC Disaggregated COT · Options & Futures Combined · As of May 19, 2026
| Contract | Long | Short | Net Position | Chg (wk) |
|---|---|---|---|---|
| Soybeans (CBOT) OI 1,288,117 | 238,953 | 31,149 | +207,804 | -7,011 |
| Soybean Meal (CBOT) OI 685,554 | 157,367 | 26,813 | +130,554 | +14,472 |
| Soybean Oil (CBOT) OI 871,317 | 177,185 | 20,751 | +156,434 | -5,853 |
| Corn (CBOT) OI 2,562,271 | 426,628 | 133,274 | +293,354 | -6,129 |
| Wheat SRW (CBOT) OI 608,859 | 110,688 | 115,487 | -4,799 | +14,224 |