Soybeans Experience Slight Correction Amid Mixed Market Data
On Friday, soybean prices showed minor declines after earlier gains in the morning session. Futures contracts initially rose by up to 1¼ cents but later faced downward pressure as deferred contracts dipped slightly. Open interest increased on Thursday, indicating new buying activity. The national average Cash Bean price climbed 4¾ cents to $12.04. USDA's weekly Export Sales data revealed bookings of 56,351 MT for the week ending July 16—below marketing year averages but typical as summer progresses. China emerged as a major buyer with purchases totaling over one million metric tons (MMT), while sales to Mexico also rose significantly. Soybean meal futures fell between $0.40 and $1.70, whereas soy oil prices increased by 11–22 points. Rabobank projected Brazil’s upcoming crop at 178 MMT—down from the previous year—and Barchart provided closing price details for key contracts.
Topics: futures trading soybeans USDA export sales