Soybeans are experiencing losses of 1 to 3 cents as of Friday midday, with the national average cash bean price at $10.76 1/4, down 2 1/2 cents. Soymeal futures have decreased by $2.30, while Soy Oil futures remain stable. July options will expire on Friday, and first notice day (FND) is set for Monday.
The recent NOAA 7-day QPF indicates limited rainfall in regions including Nebraska, South Dakota, and Iowa, with anticipated rainfall totals of 1 to 2 inches in much of the Eastern Corn Belt. The 8-14 day outlook from the CPC predicts warmer than normal temperatures across the U.S., particularly drier conditions in the Eastern Corn Belt.
As of June 18, old crop soybean export commitments stand at 41.039 million metric tons (MMT), meeting 100% of USDA’s projection, while actual shipments total 36.765 MMT, or 89% of the USDA figure. New crop business has reached 2.238 MMT, representing a 65.89% increase compared to the same week last year.
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