Soybean prices saw a slight increase on Wednesday, closing with gains between 1 and 2 ¼ cents, with the cmdtyView national average Cash Bean price rising 1 ¾ cents to $9.69 ¼. Soymeal futures increased by $0.80 to $4.60, while Soy Oil futures dropped by 10 to 48 points.
The ProFarmer Crop Tour reported that Nebraska’s soybean pod counts averaged 1,348.31, which is 15% higher than last year and 19.1% above the three-year average. In Indiana, pod counts were down 2.31% from a year ago, averaging 1,376.59, which remains 6.3% above the three-year average.
Export Sales estimates for the week ending August 14 range from net reductions of 300,000 MT to sales of 300,000 MT for old crop beans, while new crop sales are anticipated between 0.4 and 1 MMT. Soybean meal sales are also expected to see net reductions or sales between 50,000 MT and 450,000 MT.
