Soybean futures saw declines on Wednesday morning, with the front months down as much as 10 1/2 cents. Open interest decreased by 5,451 contracts, primarily in the nearby July contracts. The cmdtyView national average cash price for soybeans fell by 10 1/4 cents to $11.22 1/4. Soymeal futures also experienced losses, ranging from $1 to $3.60, while Soy Oil futures rose by 35 to 47 points.
According to the USDA’s Export Inspections report for the week ending May 21, soybean shipments totaled 571,620 metric tons (MT), over double last year’s figures for the same week. China was the largest destination with 137,310 MT, followed by Egypt at 110,059 MT and Mexico at 75,442 MT. Cumulatively, 35.135 million MT (1.29 billion bushels) of soybeans have been shipped since September 1, representing a 20.8% decrease compared to last year.
The USDA’s weekly Crop Progress report indicates that as of May 24, 79% of the U.S. soybean crop has been planted, significantly ahead of the 68% average. Soybean emergence stands at 49%, compared to the average of 40%. Condition ratings will be reported starting next week.
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