On Monday, soybean contracts rose 5 to 17 cents, with nearby contracts seeing the most significant increases due to bull spreading. Heavy rainfall in South Dakota, Minnesota, and Iowa led to flooding along the Missouri River, with reports of 10-15 inches in some areas. The USDA announced a private export sale of 228,000 MT of soybean meal for the 2024/25 marketing year to the Philippines.
The Export Inspections report revealed that 342,293 MT of soybeans were shipped in the week ending June 20, surpassing the same week in 2023. Egypt was the top destination, receiving 113,216 MT, followed by Mexico with 73,290 MT and Germany with 58,207 MT. Total soybean shipments for the marketing year reached 41.23 MMT (1.51 billion bushels), down 16.2% from last year.
Current soybean prices include July contracts at $11.77 (up 16.5 cents), Nearby Cash at $11.24 (up 19.25 cents), August contracts at $11.59.5 (up 12.5 cents), and November contracts at $11.26.75 (up 6.75 cents).
