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//Market ReportPreparing for take-off
When writing the September 2025 comments, the SX25 contract was trading at roughly $10.43, which is nearly exactly where it was trading when we wrote the August commentary as well. Well, when I began writing the October comments the SX25 was trading at, you guessed it – roughly $10.43.
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//Market ReportA Sitting Duck
If one were to compare the price of the SX25 contract in the middle of August to the price it is in the middle of September, you would not assume much has happened in the market. In fact, there was quite a bit of news thrown at the market and a bit of volatility as well. As I like to say, “the market worked really hard to not go anywhere” which makes it appear like it is sitting still. A calm duck above the water.
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//Market ReportA Swing and A Miss
The soybean market worked its way lower through the end of July, as crop conditions and weather forecasts appeared non-threatening to the U.S. soybean crop. Additionally, tariff headlines fueled managed money to continue to add new short soybean positions – holding their shortest net positions since last December. With the flip of the calendar to August, came the looming reciprocal tariff deadline. Several countries were able to make trade agreements with the U.S., while others (including China,
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//Market ReportNavigating the Knowns and Unknowns
This month, there are a few more “knowns,” and still many unknowns in the soybean market prices. USDA June Stocks & Acres: The USDA lowered soybean acres slightly, to 83.4 million acres – matching planted acres in 2020. Soybean stocks for the current marketing year were higher than expected at 1,008 bu – the second largest soybean stocks numbers seen for June 1st, since 2020.
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//Market ReportThe Price Puzzle
The USDA June WASDE report came and went, with no changes. Old crop and new crop demand were left the same – with the USDA likely waiting to make any further changes following the coveted Stocks & Acres report at the end of the month. As it sits now, planted acres are estimated at 83.5 million vs. 87.1 million last marketing year.
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//Market ReportHands and Feed Inside the Ride at all Times
The excitement of the soybean market in May was led by a 90-day pause on U.S./China tariffs. Following escalations last month, both countries met in Geneva to begin negotiations. To the market’s surprise, that meeting resulted in a pause on tariffs – with both nations agreeing to lower their tariffs for 90-days while negotiations continued.
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