Soybean futures experienced a minor rebound on Thursday morning, with prices gaining 1 to 2 cents after closing down 6 ¾ to 9 cents the previous day. As of the latest data, July Soybeans closed at $11.08 3/4, down 8 1/4 cents; nearby cash prices are at $10.58 1/4, down 7 3/4 cents. The USDA expects export sales for 2025/26 to range between 100,000 to 500,000 metric tons, with new crop estimates for the week ending June 18 projected between 450,000 to 1,000,000 metric tons, according to a Reuters poll.
Open interest declined by 19,147 contracts on Wednesday, with a significant number exiting July contracts. Meanwhile, the NOAA 7-day QPF anticipates 1 to 3 inches of precipitation across Kansas and the southern parts of the Eastern Corn Belt, with lighter totals expected in northern Illinois, Iowa, Nebraska, and South Dakota.
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