Soybeans experienced modest gains on Wednesday, with prices increasing by 2 to 3¼ cents across most contracts, despite fading from earlier highs after the USDA reported export sales. The national average cash bean price rose 1¾ cents to $10.79. Soymeal futures held steady to down by $1.10, while soy oil futures decreased by 77 to 138 points.
The USDA announced the export of 372,000 metric tons of soybeans, with 60,000 metric tons attributed to the old crop and 312,000 metric tons to the new crop. Traders anticipate further updates on export sales on Thursday, predicting old crop sales between 100,000 and 300,000 metric tons and new crop sales ranging from 250,000 to 500,000 metric tons.
As for specific contract prices, July soybeans closed at $11.32 (up 2 cents), August soybeans at $11.36¾ (up 2¼ cents), and November soybeans at $11.49¼ (up 2¾ cents). New crop cash prices reached $10.83¼, gaining 1¾ cents. The market is set to close for Juneteenth on Friday.
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