On Wednesday, the soybean market experienced losses of 15 to 17 cents across most contracts, with the cmdtyView national average cash bean price decreasing by 15 3/4 cents to $9.85 3/4. Soymeal futures dropped by $3.80/ton, and soybean oil fell by 20 points. The forecast predicts over an inch of rain for the Northern Plains and Eastern Corn Belt within the next week.
Export sales data will be released Thursday morning, with projected sales of 200,000 to 600,000 MT of soybeans for the 2024/25 shipment. The June Acreage report is expected to reveal 83.5 million acres of soybeans planted this spring, matching the March planting intentions report.
As of July 25, soybeans are priced at $10.30 1/2 (down 16 1/4 cents), nearby cash soybeans at $9.85 3/4 (down 15 3/4 cents), and new crop cash soybeans at $9.68 1/2 (down 16 cents).
