Soybean futures experienced slight declines on Friday morning, trading down 1 to 2.5 cents. On Thursday, futures fell by up to 4 cents, with the cmdtyView national average cash bean price rising 2.75 cents to $11.49. Soymeal futures decreased by 40 cents to $1.20, while Soy Oil futures dropped by 17 to 82 points. Notably, 783 deliveries were issued against August soybean meal, with no deliveries reported for August soybeans or soybean oil on the first notice day.
In terms of USDA export sales data for the week ending July 23, old crop soybean sales reached 302,260 MT, marking a 5-week high and 10.49% above the same week last year. Egypt purchased 62,700 MT and Japan bought 58,900 MT. New crop sales totaled 1.333 MMT, despite being a 3-week low. Leading buyers included China with 519,000 MT, while soybean meal sales fell short of estimates at 114,733 MT, below the projected range of 200,000 to 550,000 MT.
Recent rainfall in parts of Nebraska, the Dakotas, and Minnesota is expected to contribute to 1 to 2 inches of precipitation across regions such as Missouri, Wisconsin, Iowa, Illinois, Indiana, and Ohio over the next week.
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