Soybean futures experienced modest gains of 2 to 3 cents early on Thursday, but closed lower, down 2 to 4.5 cents. The cmdtyView national average new crop cash bean price decreased by 2.5 cents to $9.72 1/4. Soymeal futures dropped 40 cents to $1.80/ton, while soy oil rose by 29 to 51 points. Preliminary open interest indicated a decrease of 948 contracts, suggesting a rotation of ownership.
The USDA’s weekly Export Sales report, due on July 17, is anticipated to show sales of 100,000 to 350,000 MT of old crop soybeans and 250,000 to 500,000 MT for new crop soybeans, along with expected meal sales of 250,000 to 550,000 MT.
As of August 25, the nearby cash price is at $9.69 1/4 and falling, with November soybeans at $10.22 3/4, down 2 3/4 cents. Rain is forecasted to continue across much of the Corn Belt in the coming week, with lighter amounts in the Southern Plains.
