Soybean Prices Rise Amid Favorable Weather Outlook
On Friday, soybeans saw a price increase of 10 to 11 cents per bushel during the midday session. The cmdtyView national average Cash Bean price rose by 10.25 cents to $12.1425. While soymeal futures increased between $2.20 and $2.50, soy oil futures declined by 92 to 115 points during the same period. The National Oceanic and Atmospheric Administration (NOAA) reported that most major soybean growing regions will experience less than half an inch of rainfall over the next week, with Missouri being a notable exception due to expected higher precipitation. The weather outlook for early August suggests drier conditions in key areas like North Dakota, Iowa, Minnesota, and Wisconsin. According to USDA data from Barchart, old crop export sales have reached 41.38 million metric tons—meeting the full projection—and new crop sales are at 6.136 MMT, surpassing last year's pace by over a third.
Topics: futures_prices soybeans weather_impact