On July 26, soybean futures showed gains with nearby prices increasing by 8 to 11 cents, driven by a 14.5 cent rise for July contracts, now at $11.96 ¾. The cmdtyView national average cash bean price rose to $11.46, increasing by 10 1/4 cents. Open interest climbed by 19,506 contracts on July 25, indicating new buying interest, while soymeal and soy oil futures also reported increases.
The USDA announced a private export sale of 105,000 metric tons of soybean meal to Colombia for the current marketing year. Crop Progress data revealed that as of July 5, 34% of the U.S. soybean crop was blooming, up 6% from the average. Condition ratings decreased by 1% to 64% good/excellent, with variations noted across states.
In May, the U.S. exported 2.57 million metric tons (94.42 million bushels) of soybeans, marking a 72.46% increase year-over-year but a 14.35% decrease from April, making it the second-largest May on record. Soybean meal exports reached a record 1.572 million metric tons in May, also showing a significant increase over the previous year.
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