Soybean futures opened the final trading session of May with gains of 3 to 4 cents, pushing nearby prices close to $12. On Thursday, futures rose by 9¼ to 15¼ cents, while open interest increased by 12,246 contracts. The national average cash price for soybeans reached $11.34, up 9¼ cents, and soymeal futures rose between $1.10 and $3.80.
Export sales data, set to release on Friday, is expected to show old crop soybean sales between 150,000 and 400,000 metric tons for the week of May 21, with new crop estimates ranging from 0 to 300,000 metric tons. Soybean meal sales are predicted to total between 250,000 and 800,000 metric tons, while bean oil sales are forecasted to have net reductions.
As of now, Argentina’s soybean harvest is 84.6% complete, according to the Buenos Aires Grains Exchange. In the U.S., a drier weather pattern is expected to affect the eastern Corn Belt, which has been lagging in planting progress.
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