Soybeans Maintain Gains Amid Strong Export Sales
At midday, soybean futures are trading higher by up to three cents per bushel following a bounce on Thursday. The cmdtyView national average Cash Bean price rose sharply by nearly six cents to $11.52¼. While soymeal futures gained between 40 and 90 cents across front months, soy oil prices declined slightly. The USDA reported strong export sales data for the week of July 23rd: old crop soybean sales totaled 302,260 MT—surpassing expectations—and new crop sales reached a significant 1.333 million metric tons (MMT), also above forecasts. These figures highlight robust demand and support current price levels. Despite the positive export data for beans, soymeal sales were below estimates at just over 114,000 MT, while soybean oil saw net cancellations of nearly 1,100 MT.
Topics: futures prices soybeans USDA export sales