Soybeans experienced a decline of 3 to 5 cents on Monday morning, following a drop of 5 ¼ to 7 ½ cents on Friday. The cmdtyView national average cash bean price is now at $10.20 3/4, down 5 3/4 cents. Soymeal futures also fell between 20 to 90 cents, while Soy Oil futures, which peaked on Friday, closed lower by 30 to 37 points. Crude oil saw a slight increase of 40 cents amid the recent US strikes on Iran’s nuclear facilities.
Weather forecasts indicate heavy rains next week across several areas, including NE, southern MN, IA, and WI, with totals ranging from 1 to 5 inches. In contrast, the Southern Plains and the Eastern Corn Belt are expected to receive lesser quantities.
In the latest Export Sales report, soybean sales for 2024/25 reached 539,511 MT, exceeding trade expectations and marking a 14-week high. New crop sales were at 75,151 MT. However, soybean meal sales totaled 174,302 MT, while soybean oil saw net cancellations of 1,473 MT.
