Soybean prices increased by 13 to 14 cents on Friday, with the cmdtyView national average cash bean price rising to $9.78 1/2. Soymeal futures experienced modest gains, and soy oil futures climbed by 106 points. Deliveries for August meal totaled 196, accumulating to 4,044 contracts for the month.
Export sales data indicated sales commitments reached 51.115 MMT, aligning with USDA estimates but trailing the average sales pace by 103%. New crop business stands at 4.712 MMT, 19.7% below last year’s figures, the lowest since the 2019/20 season, attributed to reduced Chinese buying.
A recent NOPA report highlighted a record 195.7 million bushels of soybeans crushed in July, a 7.01% year-over-year increase. Soybean oil stocks were recorded at 1.378 billion pounds, marking a 0.8% increase from June but a 14.68% decline compared to the previous year.
