Soybean futures experienced a downward shift on Thursday, falling by 20 to 27 cents across most contracts, with the July contract closing at $11.29 ½, down 24 ½ cents. Preliminary open interest declined by 12,475 contracts. Meanwhile, the national average cash price for soybeans stood at $10.70, reflecting a decrease of 24 ½ cents.
Export sales data revealed 276,852 metric tons (MT) of old crop soybeans were sold, marking a three-week low but still 42.45% higher than the same week last year. Significant buyers included China with 74,800 MT, Mexico with 67,400 MT, and Indonesia with 53,700 MT. Brazil’s soybean exports for May totaled 14.825 million MT, slightly up from 14.099 million MT the previous year, while Argentina’s soybean crop is 91.7% harvested, estimated at 50.1 million MT.
In similar trends, soybean meal sales reached 231,752 MT, aligning with estimates between 200,000 to 600,000 MT, while soybean oil sales were recorded at just 27 MT, consistent with net reduction estimates of 5,000 to 16,000 MT.
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