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Soybeans experienced a significant rally on Wednesday, with contracts rising by 20 to 26 cents. The cmdtyView national average Cash Bean price increased by 23.75 cents, reaching $10.12. Soymeal futures saw gains between $2.90 and $4.10, while Soy Oil rose by 110 to 140 points. The upcoming Thursday will be the last trading day of the week due to Independence Day.
In advance of Thursday’s Export Sales report, analysts expect old crop beans bookings to fall between 300,000 and 700,000 MT, with new crop sales predicted to be between 0 and 300,000 MT. Soybean meal sales are forecasted at 100,000 to 650,000 MT, and soybean oil is expected to have net reductions of 10,000 MT to sales of 26,000 MT.
President Trump announced a trade deal with Vietnam, noting no tariffs on U.S. goods. Currently, Vietnam accounts for nearly 5.7% of all U.S. soybean meal export commitments for 2024/25 and 2% of total bean commitments.
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