Soybean futures saw midday gains of 17 to 19 cents on Thursday, with September Soybeans at $10.32 3/4 and Nearby Cash at $9.86 1/4, which rose by 18 cents. The cmdtyView national average Cash Bean price increased by 18 cents to $9.86 1/4, while Soymeal futures experienced mixed results. Notably, new crop soybean sales reached 1.143 million metric tons (MMT), surpassing the estimated range of 0.4 to 1 MMT, marking a marketing year high for new crop sales.
The EPA is expected to announce details regarding the backlog of Small Refinery Exemptions this week. Additionally, the ProFarmer Crop Tour reported soybean pod counts in Illinois averaging 1,479.22, which represents a 4.23% increase from last year and a 12.6% increase compared to the 3-year average.
