Soybean prices gained 8 to 11 cents across most contracts on Wednesday, with the cmdtyView national average cash bean price rising by 12 cents to $10.70 3/4 per bushel. Soymeal futures increased by 90 cents to $1.60 at midday, while soy oil futures rose by 70 to 83 points.
Heavy precipitation is forecasted for the coming week in much of eastern Kansas, Iowa, Michigan, Illinois, Indiana, and Wisconsin, with expected totals of 1 to 3 inches. Meanwhile, Ohio may see more variable amounts, and Nebraska and the Dakotas are predicted to receive very light precipitation.
The USDA’s WASDE report is set for release on Thursday, with Bloomberg traders estimating a steady old crop bean carryout at 339 million bushels, compared to 340 million bushels in May. The new crop is estimated at 310 million bushels, unchanged if realized.
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