Soybean futures closed steady to 5 cents higher, with July soybeans at $10.69 3/4. Despite this, the cmdtyView Cash Bean price declined by 1/4 cents to $10.20 1/4. The USDA crop progress report for the week ending Sunday noted soybean planting at 93% completion, trailing behind the five-year average of 94%. Emergence stood at 84%, faster than the five-year average, although good/excellent crop conditions dropped by 2% to 66%.
US export inspections revealed soybean shipments totaled 215,803 metric tons (7.93 million bushels) for the week of June 12, reflecting a 61.4% decrease from the previous week and 36.7% lower than the same week last year. In the marketing year, shipments now total 45.416 million metric tons, an 11.1% increase from the year prior. NOPA data reported soybean crush at 192.83 million bushels in May, a record high for that month and up 5.01% year-over-year.
