Soybean prices are showing mixed results on Friday, with the cmdtyView national average cash bean price rising by 1 cent to $10.99. Soymeal futures increased by $1.50 to $1.70, while Soy Oil futures fell by 120 to 130 points, influenced by a $11.27 drop in crude oil prices after Iran agreed to open the Strait of Hormuz.
As of the latest weekly export sales report, soybean export commitments stand at 38.15 million metric tons (MMT), which is an 18% decrease from last year and 91% of the USDA forecast. Actual exports are at 31.33 MMT, accounting for 75% of USDA’s projected figure. Meanwhile, Brazilian soybean production remains unchanged at 177.85 MMT, with exports adjusted to rise by 2.1 MMT to 113.6 MMT.
