Soybean futures declined significantly following the USDA report on July 25, with contracts dropping between 2 to 8 ¼ cents. The cmdtyView Cash Bean price fell by 7 1/2 cents to $9.95 3/4. In contrast, soymeal futures rose by 10 to 50 cents per ton, while soy oil experienced losses ranging from 28 to 41 points. This downward trend in oil prices comes ahead of an anticipated EPA announcement on Renewable Volume Obligations (RVOs) expected on Friday.
Export sales data revealed a mere 61,394 MT of old crop soybean sales for the week ending June 5, marking a record low for the marketing year. Notable buyers included Indonesia, purchasing 69,400 MT, and Egypt with 58,500 MT. Net reductions of 260,700 MT were reported for unknown destinations. Meanwhile, soybean meal exports for 2024/25 totaled 214,533 MT, also a five-week low, with total sales of 4,097 MT for soybean oil being the lowest since February.
The USDA’s WASDE report made no adjustments to U.S. soybean balance sheets, leaving old crop stocks at 350 million bushels and new crop at 298 million bushels. Globally, old crop figures were raised by 1.02 MMT to 124.2 MMT. Brazil’s production estimate was increased to 169.6 MMT, while Argentina’s remained unchanged at 49 MMT.
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