On Thursday morning, soybeans are trading with gains between 7 to 9 cents following a mixed closing on Wednesday, where futures ranged from 1¼ cents lower to 1¾ cents higher. The cmdtyView national average cash bean price dropped by 1¼ cents to $11.27, with open interest increasing by 5,036 contracts. Soymeal futures gained 20 cents, while soy oil futures rose 4 to 90 points.
According to the weekly Crop Progress report from NASS, the US soybean crop is 79% planted as of May 24, surpassing the 68% average for this time of year, with 49% emergence reported. Brazil’s ANEC forecasts the country’s May soybean exports at 15.9 million metric tons, slightly down from last week’s estimate and up from 14.09 million metric tons in May of the previous year.
As of July 26, soybeans closed at $11.85¼, down ¾ cent, and current trading shows an increase of 8¼ cents. Nearby cash soybean prices are at $11.24, down ¼ cent, with August and November contracts reflecting similar trends.
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