Soybean contracts are trading 10 to 11 cents higher on Friday, with the cmdtyView national average cash price at $12.14 1/4, an increase of 10 1/4 cents. Soymeal futures rose by $2.20 to $2.50, while Soy Oil futures dropped by 92 to 115 points.
The USDA reports old crop soybean export business has reached 41.38 million metric tons (MMT), equating to 100% of the USDA’s export projection. This figure lags behind the 101% pace observed over the last three years. Additionally, accumulated sales have surged to 6.136 MMT, which is 135.5% higher compared to the same week last year.
Weather forecasts indicate less than 0.5 inches of rain expected across major soybean-growing regions over the next week, with Missouri anticipating over an inch. The 8-14 day outlook shows drier conditions for much of the Dakotas, Iowa, Minnesota, and Wisconsin in the first week of August.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
