On Friday, the soybean market closed 5 ¼ to 7 ½ cents lower, following a peak in front month prices not seen since mid-May. The cmdtyView national average Cash Bean price is at $10.20 3/4, down 5 3/4 cents. Soymeal futures also dropped, settling 20 to 90 cents lower, while Soy Oil saw nearby July prices reach the highest for the contract since 2023, but closed 30 to 37 points lower.
Weather forecasts predict significant rainfall in parts of the Northeast and Midwest next week, with totals ranging from 1 to 5 inches, although coverage will be inconsistent. The Eastern Corn Belt is expected to experience unseasonably high temperatures, with daytime highs above 100°F in the Plains and Western Corn Belt.
In the most recent Export Sales report, soybean sales for the week ending June 12 reached 539,511 MT, significantly exceeding trade expectations and marking a 14-week high. Chinese imports of soybeans from Brazil in May totaled 12.11 MMT, outpacing last year’s figures, while imports from the US increased by 11.7% year-over-year to 1.63 MMT.
