Soybean Futures Open Lower Amid Mixed Export Sales Data
On July 31, soybean futures opened with losses of 1 to 2.5 cents per bushel after posting weaker trade late on Thursday. Despite a rise in the national average cash bean price to $11.49—up by 2.75 cents—soy meal and oil contracts also declined across most positions, signaling broader weakness in soy-related commodities. USDA export sales data showed strong old crop soybean sales of 302,260 metric tons for the week ending July 23, a five-week high and up nearly 10.5% year-over-year. New crop sales were lower at 1.333 million metric tons but still above last year's figures. However, soybean meal sales fell short of expectations with only 114,733 MT sold. Weather conditions showed significant rainfall in parts of the Midwest overnight and forecasts for additional rain over the next week may impact planting or harvesting activities.
Topics: futures trading soybeans USDA export sales