Soybeans experienced an increase of 5 to 8 cents on Wednesday, with the cmdtyView national average cash bean price rising by 6 1/4 cents to $11.52. In related markets, soymeal futures declined by 40 cents to $1 higher, while soy oil futures increased by 3 to 14 points. The most recent NOPA report revealed that 214.34 million bushels were crushed in June, surpassing the average trade expectation of 203.99 million bushels and marking a 15.69% increase year-over-year.
In terms of weather, the NOAA forecast indicates a mostly dry week ahead for the Western Corn Belt, with minimal precipitation anticipated in regions like Minnesota, Iowa, Nebraska, Missouri, and the Dakotas. Conversely, the Eastern Corn Belt may receive between 0.5 to 1.5 inches of rain across parts of Illinois, Indiana, and Ohio.
Bean oil stocks were reported at 1.5 billion pounds, which is below the trade estimate of 1.653 billion pounds and reflects a 13.51% decrease from the end of May but an 8.42% rise from a year ago.
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