Soybean futures are experiencing midday gains of 8 to 8.5 cents, with the cmdtyView national average new crop cash bean price rising to $9.89 3/4, up 6.5 cents. Soymeal futures increased by $3.70, while soy oil decreased by 26 points in the front months. Current soybean export commitments are at 50.648 million metric tons (MMT), meeting 100% of the USDA’s full marketing year projection, though slightly behind the historical average of 102%.
The Abiove agency has maintained its estimate for the Brazilian soybean crop at 169.7 MMT, while increasing their crush estimate by 0.3 MMT to 57.8 MMT and exports by 0.8 MMT to 109 MMT. Additionally, the Rosario Grains Exchange raised its estimate for Argentina’s soybean crop by 1 MMT to 49.5 MMT.
