Soybean prices rose by 28 to 35 cents on Monday morning, with July soybeans closing at $11.31 3/4, up 5 1/2 cents. The USDA’s recent Export Sales report indicated old crop bean sales hit a marketing year low of 41,786 MT for the week ending June 25, with China purchasing 65,400 MT. Meanwhile, new crop sales were reported at 182,533 MT, down to a three-week low but still 16.89% higher than the same time last year.
In addition, soybean meal sales totaled 413,635 MT, meeting high-end expectations, while the bean oil market faced a net cancellation of 1,517 MT. Brazilian trade ministry data showed a significant increase in soybean shipments for June, totaling 14.5 MMT, surpassing last year’s 13.42 MMT.
Looking ahead, the 7-day weather forecast predicts 1 to 3 inches of rainfall across the Dakotas and Minnesota over the next few days, with temperatures expected to remain above normal in the following weeks.
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