Soybean Futures Surge 28-35 Cents on Monday Amid Weather Outlook and Export Data

Soybean futures were trading 28 to 35 cents higher Monday morning, reversing last week’s losses. Front-month contracts closed with declines of ½ to 5½ cents Friday, while back-month contracts fell 1½ to 4¼ cents. August contracts narrowly avoided a weekly loss, down only 1 tick, whereas November contracts dropped ½ 8½ cents. Open interest increased by 1,018 contracts. Only one delivery was issued against July futures on Thursday, with zero deliveries for July meal and bean oil. The cmdtyView national average Cash Bean price rose 3¼ cents to $10.89½.

Soymeal futures fluctuated between gains of $1.10 and losses of 40¢ on the day, with August contracts up $1.30 for the week. Soy Oil futures were mixed, ranging from 10 points higher to 14 points lower, as August contracts declined 305 points weekly.

The 7-day weather outlook predicts rainfall of 1-3 inches across the Dakotas and Minnesota in the next 48 hours, with the Eastern Corn Belt expected to receive ½-2 inches in the coming week. Temperatures are projected to remain above normal for the next two weeks.

USDA’s weekly Export Sales report indicated 41,786 metric tons of old-crop soybean sales during the week ending June 25, the lowest figure for the 2025/26 marketing year. China accounted for 65,400 MT purchases, with 68,000 MT reclassified from unknown destinations. New-crop sales reached 182,533 MT, a three-week low but still 16.89% above the same period last year. Mexico led new-crop demand with 182,100 MT.

Soymeal exports totaled 413,635 MT, aligning with estimates of 100,000-500,000 MT, including 239,147 MT for the current marketing year and 174,488 MT for 2026/27. Bean oil business saw a net cancellation of 1,517 MT, below the anticipated range of 0-13,000 MT.

Brazilian trade ministry data showed 14.5 million metric tons of soybeans shipped in June, surpassing the 13.42 MMT recorded in the same month last year.

Closing prices: July 26 soybeans settled at $11.31¾, up 5½ cents; nearby cash at $10.89½, up 3¼ cents. August 26 closed at $11.36¼, up 3 cents; November 26 at $11.47¾, down 1½ cents. New-crop cash stood at $10.88, up 2¾ cents.

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