Soybean contracts experienced modest fluctuations on Wednesday, with prices closing down ¾ cent for July at $11.85 ¼. The cmdtyView national average cash bean price also decreased by 1 ¼ cents to $11.27. Soymeal futures rose by 20 cents to $2.30, while soy oil futures increased by 4 to 90 points.
As of May 24, the U.S. soybean crop was reported at 79% planted, exceeding the 68% average for this time of year, with 49% emergence compared to the 40% average. Only Michigan and Ohio lagged in planting pace. Brazil’s ANEC revised its May soybean export estimate to 15.9 million metric tons, down by 0.2 million from the previous week, compared to 14.09 million metric tons in May of last year.
The Export Sales data is scheduled for release on Friday, following the Monday holiday.
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