Soybean prices fell by 2 to 6 cents on Tuesday, with July soybeans closing at $10.28 1/2, down 3 1/4 cents. The national average cash bean price decreased to $9.84 ¼, down 5 1/2 cents. A total of 86 deliveries were issued against July soybeans overnight, all from the ADM house account, along with 473 deliveries against July soybean meal. Soymeal futures decreased by $0.80/ton, while Soy Oil fell by 4 points.
The USDA reported a private export sale of 144,000 MT of soybean meal to the Philippines, with 97,000 MT for 2024/25 and 47,000 MT for 2025/26. Crop Progress data indicates that 32% of the US soybean crop is in the ground as of Sunday, slightly ahead of the 31% five-year average, with 8% setting pods and condition ratings steady at 66% good/excellent. The Brugler500 index saw an increase of 1 point to 369.
According to Commitment of Traders data, managed money reduced their net long position to 425 contracts, a decrease of 23,023 contracts on the week. The EU commission estimates soybean imports for the 2024/25 marketing year at 14.52 MMT, up from 13.2 MMT last year.
