Soybean prices fell 16 to 30 cents during the midday session on Monday, with the national average cash bean price decreasing by 22.75 cents to $9.90. Soymeal futures dropped by $5.50 to $5.70 per ton, while soy oil declined by 64 to 66 points. A total of 711 deliveries were recorded against July bean meal overnight.
This week’s Export Inspections report revealed that 389,364 (14.3 million bushels) of soybeans were shipped in the week ending July 3, marking a 64.5% increase from last week and 32.3% higher than this time last year. Key destinations included Egypt (88,641 MT), Indonesia (78,551 MT), and Mexico (71,716 MT). Total marketing year shipments now stand at 46.25 MMT (1.699 billion bushels), 10.5% above the previous year.
In related news, Indonesia and the U.S. reportedly agreed to a $34 billion trade deal covering corn, soybeans, and energy products. Additionally, upcoming rains in the Corn Belt are expected to range from half an inch to localized totals of 2 inches, while Brazil’s soybean exports for the month totaled 13.42 MMT, down from 13.96 MMT in the same month last year.
