As of Tuesday morning, soybean futures are experiencing losses between 2 to 5 cents, following a decline of up to 17.5 cents on Monday. The cmdtyView national average cash price for soybeans fell by 16.5 cents to $10.63. Soymeal and soy oil futures also faced reductions, with soymeal down 40 cents and soy oil down 1 to 96 points. On first notice day, July futures reported 31 delivery notices, while 729 deliveries were made against July bean oil.
The USDA announced a private export sale of 136,000 metric tons of soybeans to unknown destinations on Monday. Additionally, the Crop Progress report indicated that 96% of the U.S. soybean crop had emerged by June 28, surpassing normal levels by 1%. Soybean condition ratings decreased to 65% good/excellent. For the week ending June 25, soybean export shipments reached 419,124 metric tons, representing a 54% increase from the prior week and a 76.7% rise compared to the same week last year.
Analysts expect the USDA to report 85.2 million acres of soybeans planted in their June Acreage report, alongside an anticipated 1.049 billion bushels of soybean stocks. Currently, July soybeans are trading at $11.08¾, down 17.5 cents.
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