• Soybeans ended the day higher with strength over the past two days to close out the week. While July beans remain in their trading range, they are at the top, and another 10-cent increase would be a breakout to the upside. There has been some talk of too much rain in some areas, but funds are likely taking profits ahead of the weekend. Soybean meal was higher while soybean oil followed crude lower.
• Today, StoneX raised their estimate for the Brazilian soybean crop for 24/25 to 168.4 mmt from 167.5 mmt in their previous estimates. This would be a record crop at a time where China may be poised to purchase nearly all of their soybeans from Brazil, forgoing the U.S., unless tariffs are lifted.
• China is reportedly evaluating the U.S. in order to negotiate tariffs as long as “Washington does not engage in extortion and coercion”. While both sides clearly want to negotiate a deal, neither country has seemed willing to back down. A deal being made by harvest would be crucial for soybean demand in the U.S.
• For the week, July soybeans lost 1-1/4 cents, recovering much of their losses earlier in the week. November soybeans meanwhile lost 4-1/2 cents. July soybean meal lost $1.60 to $296.90 while July soybean oil lost 0.38 cents to 49.43 cents.

Soybean Futures Rebound: Momentum Builds Above Key Support
Soybean futures dropped sharply in early April after newly announced tariffs triggered a break below key support near 1000, a level that had held firm through March. However, strong buying interest fueled a swift rebound, pushing futures back above the pivotal 1000 mark and reclaiming major moving averages — especially the 200-day, which had capped rallies for the past two years. With momentum rebuilding, the market is now eyeing the February highs near 1080, while the 200-day moving average is expected to provide support on any spring pullbacks.