Soybeans closed higher on Wednesday, with prices increasing by 7½ to 11 cents. The cmdtyView national average Cash Bean price rose by 8¾ cents to $11.55½. Soymeal futures saw gains of $1.50 to $3.70, while Soy Oil futures climbed 16 to 52 points. Analysts expect export sales data on Tuesday to show between 100,000 to 500,000 MT of soybean sales for the week of July 9.
NOPA data revealed that June soybean crush came in at 214.34 million bushels, exceeding the trade estimate of 203.99 million bushels and marking a 15.69% increase year-over-year. Bean oil stocks were recorded at 1.5 billion pounds, lower than the anticipated 1.653 billion pounds but showing an 8.42% increase from last year. Meanwhile, the forecast indicates a dry week ahead for much of the Western Corn Belt, while the Eastern Corn Belt is expected to receive 0.5-1.5 inches of rain in parts of Illinois, Indiana, and Ohio.
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