Soybean trading is experiencing modest declines on Tuesday, with prices falling by 2 to 3.5 cents midday. The cmdtyView national average Cash Bean price is $10.56, down by 1.75 cents. Meanwhile, soymeal futures show mixed results, while Soy Oil futures are up by 20 to 40 points.
According to the latest Crop Progress report from NASS, 92% of the U.S. soybean crop was planted as of June 7, a 4% increase from normal, with 79% emerged, which is 8 percentage points faster than average. Soybean condition ratings decreased by 1% to 65% good/excellent.
Chinese soybean imports totaled 11.79 million metric tons (MMT) in May, reflecting a 15.3% drop from the previous year. Additionally, Brazilian soybean exports in June are estimated at 14.38 MMT, up from last month’s estimate of 12.36 MMT.
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