Soybeans rebounded from early declines on Tuesday, with day session buying driving prices 7 ½ to 11 ¾ cents higher at the close. Speculation around Chinese interest in U.S. soybean purchases provided early support. The cmdtyView national average Cash Bean price closed at $10.77 3/4, up 10 3/4 cents. Soymeal futures rose $1.50 to $2.80, while soy oil futures declined 55 to 145 points, led by nearby contracts.
The USDA’s weekly Crop Progress report indicated 95% of the U.S. soybean crop had been planted by June 7, 2 percentage points ahead of the historical average, with 88% emerged and 6 points faster than usual. Crop conditions improved to 66% good/excellent, a 1% increase, while the Brugler500 index rose 1 point to 368. Notable improvements were seen in Indiana (+10), Minnesota (+4), North Dakota (+10), and South Dakota (+11), offsetting weakening conditions in Illinois (-7), Iowa (-6), Nebraska (-12), and Ohio (-1).
Brazil’s June soybean exports are projected at 15.31 million metric tons by ANEC, up 0.93 MMT from prior estimates. Key contract closures included July 26 soybeans at $11.30, up 10 3/4 cents; nearby cash at $10.77, up 10 3/4 cents; August 26 soybeans at $11.34 1/2, up 11 cents; November 26 soybeans at $11.46 1/2, up 11 3/4 cents; and new crop cash at $10.81 1/4, up 12 cents.
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