Soybeans are trading 1 to 3 cent losses at Friday’s midday. July options expire on Friday with FND on Monday. The cmdtyView national average Cash Bean price is down 2 1/2 cents at $10.76 1/4. Soymeal futures are down $2.30 in the nearbys, with Soy Oil futures back on the steadier side.
The NOAA 7-day QPF shows much of NE, SD, IA, the southern portions of MN/WI as well as the northern areas of the Eastern Corn Belt with very limited rainfall. Totals of 1 to 2 inches are seen in much of the ECB. The 8-14 day outlook from the CPC shows warmer than normal temps across the US, with the ECB looking at drier than normal precipitation.
Old crop soybean export commitments stood at 41.039 million metric tons (MMT) as of June 18, matching the USDA projection. Actual shipments totaled 36.765 MMT, representing 89% of the forecast. New crop business reached 2.238 MMT, up 65.89% compared to the same week last year.
July 26 soybean futures closed at $11.24 1/2, down 3 cents. Nearby Cash is at $10.76 1/4, down 2 1/2 cents. August 26 soybean futures are at $11.35, down 2 cents. November 26 soybean futures are at $11.55 1/2, down 1 1/2 cents. New Crop Cash is at $10.90 1/2, down 1 1/2 cents.