On Wednesday, soybean futures rose by 11 ¼ to 21 ½ cents, closing at $12.22 ¼. The cmdtyView national average cash bean price increased by 21 cents to $11.98. Soymeal futures also climbed, with prices up $4.70 to $6.80, while soybean oil saw an increase of 17 to 58 points.
The ProFarmer Crop Tour reported Nebraska’s pod counts averaged 1,219.62 pods per 3’x3’ square, down 9.54% from last year and 0.6% below the three-year average. Indiana’s pod counts were 1,318.64 bpa, reflecting a 4.21% decrease from the previous year and a 3.4% decline from the three-year average. Results for Illinois are expected to be announced later this evening.
Export Sales data set to be released on Thursday is anticipated to show net old crop soybean sales ranging from a reduction of 50,000 to 400,000 MT and new crop business estimated between 1-1.9 MMT. In related news, China’s Sinograin successfully sold 308,000 of the 360,000 MT of imported soybeans offered in their recent auction.
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