Soybean prices saw slight increases on Thursday, July 25, with July futures closing at $10.56 1/4, up 5 ¾ cents. This week, August soybeans rose 22 ¼ cents, while November increased by 24 ½ cents. The cmdtyView national average cash bean price was $10.13 3/4, up 1 1/4 cents. Soymeal futures rose by 60 cents to $1.40, and the total soybean export sales were reported at 462,435 MT for the week ending June 26.
The USDA reported private export sales of 226,000 MT of old crop soybeans, alongside a flash sale of 195,000 MT of soybean meal. Census data from May indicated that 1.6 MMT of soybeans were exported, marking a 26.81% drop from April but a 13.13% increase from the previous year. Meal exports for May reached a record 1.36 MMT, while bean oil shipments were at a five-year high of 142,303 MT.
Weather forecasts predict 1 to 2 inches of rain covering much of the Western Corn Belt in the upcoming week, with lighter amounts in the Eastern Corn Belt.
