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Soybean futures are trading steady to 2 cents lower in the front months, with a national average cash price of $9.89 3/4, down 7 3/4 cents. As of June 1, the USDA reported 1.007 billion bushels of soybean stocks, exceeding estimates of 974 million bushels. The annual Acreage report indicated that 83.38 million acres of soybeans were planted, slightly below trade estimates.
The NASS Crop Progress report revealed that 94% of the US soybean crop has emerged, with 17% blooming and 3% setting pods, both above the 5-year average. Crop ratings remain steady at 66% good/excellent. Notably, Arkansas, Louisiana, and South Dakota improved in ratings, while Illinois and Indiana saw declines.
Brazilian soybean exports for June were estimated at 13.93 million metric tons, with the crop projected to be 168.75 million metric tons, marking slight increases from previous estimates.
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