On Wednesday, soybean prices increased by 2 to 4 cents, with the national average cash bean price rising 2.5 cents to $10.77 ¾ per bushel. The USDA reported 372,000 metric tons (MT) of soybean sales to unknown destinations, including 60,000 MT for old crop and 312,000 MT for new crop shipments. Soymeal futures saw gains of 30 to 90 cents, while soy oil futures fell by 100 to 125 points.
Export sales data, expected to be released on Thursday, is anticipated to show old crop sales between 100,000 and 300,000 MT for the week ending June 11, with new crop sales projected at between 100,000 and 400,000 MT.
Currently, July 26 soybeans are priced at $11.33 ¾, up 3 ¾ cents, while nearby cash is at $10.80 1/1, up 2 ½ cents. Aug 26 soybeans are at $11.38 ½, up 4 cents, and Nov 26 soybeans are at $11.50 ½, also up 4 cents.
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