Soybean prices increased significantly on Wednesday, with the August contract rising to $12.38, marking the highest level since May 2024. Nearby contracts saw gains between 11 ¾ to 16 ¼ cents, while deferred contracts rose by 7 ¾ to 9 ¾ cents. The cmdtyView national average cash bean price increased by 15 ½ cents to $11.99 ½. Soymeal futures were up by $4.90 to $5.60, and soy oil rallied by 66 to 119 points.
The USDA’s Weekly Export Sales data, scheduled for release, is anticipated to show net cancellations ranging from 200,000 MT to sales of 400,000 MT for the week ending July 16. Meal sales are expected between 100,000 to 575,000 MT, while bean oil may see net reductions from 10,000 MT to sales of 10,000 MT. Additionally, ANEC estimates Brazilian soybean exports for July at 13.5 MMT, a slight decrease of 0.26 MMT from the previous week.
In weather forecasts, NOAA reported that parts of Nebraska, Kansas, Missouri, and Ohio may receive 1 to 2 inches of rain over the next week, while the Dakotas and several Midwestern states are expected to remain drier, with less than 0.5 inches anticipated.
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