Soybeans experienced modest gains on Thursday, with prices ranging from a ¼ cent to 7 cents increase for some new crop months. The cmdtyView national average Cash Bean price rose by 3.5 cents to $9.72, while soymeal futures increased by $2.10 to $2.50 per ton.
Weekly Export Sales data reported 503,027 MT of soybean sales for the week ending July, exceeding trade expectations of 300,000 to 600,000 MT, and marking the highest total since mid-March. Notably, 114,400 MT was sold to unknown destinations and 88,600 MT to Egypt. Additionally, soybean meal sales reached 578,528 MT, with bean oil sales at 3,994 MT.
CONAB has slightly reduced Brazil’s 2024/25 soybean production estimate to 169.48 MMT, while traders anticipate an increase in the USDA update, projecting a rise to 169.4 MMT. As of July 25, soybeans closed at $10.12 ½.
