Soybean prices are mixed as of midday, with front months increasing by 2 to 9 cents, led by July contracts, while new crop November is down by a penny. As of the latest report, July futures saw 26 deliveries overnight. The cmdtyView national average cash bean price rose by 47.25 cents to $11.36. Soymeal futures increased by $1.10 to $1.70 across most contracts, and soy oil futures gained 36 to 54 points.
The USDA reported a private export sale of 105,000 metric tons of soybean meal to Colombia for the current marketing year. Crop Progress data from NASS indicates that as of July 5, 34% of the U.S. soybean crop is blooming, which is 6% above the historical average, with 9% setting pods, 3 percentage points faster than normal. Current condition ratings stand at 64% good/excellent, down 1% from the previous week.
In trading data, managed money cut back 5,479 contracts from their net long position, bringing the total to 31,200 contracts as of June 30. Current futures prices include July Soybeans at $11.91 1/4 (up 9 cents), Nearby Cash at $11.39 1/2 (up 3 cents), and November Soybeans at $11.91 1/4 (down 1 cent).
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