Soybean futures experienced a drop on Thursday, with contracts falling 14 to 16.5 cents, closing at $10.08 ½. This morning, prices have risen by 7 to 8 cents. The cmdtyView national average cash bean price decreased by 16.75 cents to $9.65 1/4. Preliminary open interest rose by 10,291 contracts and there were 3 deliveries on the final trade day for August.
For the week ending August 7, export sales showed a net reduction of 377,610 MT in old crop sales, attributed primarily to Mexico and an unknown buyer. In contrast, new crop business reached 1.133 MMT, including 424,200 MT purchased by an unknown buyer. Brazilian soybean crop estimates have also increased slightly, with CONAB reporting 169.65 MMT and Abiove at 170.3 MMT.
NOPA data, set to be released later today, is expected to show 191.59 million bushels of soybeans crushed in July, with soybean oil stocks estimated at 1.38 billion pounds.
