Soybean futures are experiencing a decline, with prices dropping by 6 to 6.75 cents in early Wednesday trading. The latest data shows July soybeans closed at $12.09 ½, down 3.5 cents, while cash bean prices averaged $11.46, a decrease of 3 cents. Open interest increased by 16,222 contracts on Tuesday, primarily in the November contract (+7,985).
According to the weekly Crop Progress report from NASS, as of May 17, 67% of the U.S. soybean crop has been planted, exceeding the 53% average for this time of year. Emergence rates are also above average, reported at 32%. In Brazil, the soybean export estimate for May has been slightly adjusted to 16.1 million metric tons, and a local consultancy anticipates minimal growth in soybean planting area due to rising costs and tighter margins.
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