Soybeans are up 7 to 8 cents across most nearby contracts at midday on Thursday. Futures are extending gains from the Wednesday rally, when contracts were up 18 to 19 cents at the close. Preliminary open interest showed new buying interest, up 8,888 contracts. The cmdtyView national average new crop Cash Bean price is up 5 ¼ cents today at $9.785. Soymeal futures are drifting $1.30/ton lower today, while Soy Oil is sharply higher. BO futures are up 1.45 to 1.55 cents per pound on firm energy prices and decent export sales.
Analysts expected to see between 200,000 and 600,000 MT of 2024/25 soybean business in the week ending on July 10. New crop export sales were seen at 400,000-900,000 MT. Meal export sales were expected to total between 200,000 MT and 700,000 for the two marketings years, with Bean oil business 0 to 23,000 MT.
