Soybean futures gained on Monday, closing with contracts up 2.5 to 5.75 cents. The national average cash bean price rose 6.75 cents to $10.66 1/4. Soymeal futures increased by 70 cents to $1, while soy oil futures mostly declined by 14 to 44 points. Crude oil dropped by $3.72 following a peace deal between the U.S. and Iran over the weekend.
According to the NASS Crop Progress report, 95% of the U.S. soybean crop was planted by June 7, which is 2% above normal. Additionally, 88% of the crop has emerged, six percentage points faster than the average. Crop conditions improved by 1%, with 66% rated good/excellent. The Brugler500 index rose by one point to 368.
NOPA data indicated that only 208.785 million bushels of soybeans were crushed in May, lower than expectations but up 8.27% year-over-year. Soybean oil stocks were reported at 1.735 billion pounds, marking a 10.9% decline from April. Export inspections for the week ending June 11 showed shipments of 522,687 metric tons, a 26.8% increase from the previous week, with Egypt receiving the largest share at 218,249 metric tons.
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