Soybeans are seeing a bounce so far on Wednesday morning, with contracts up 1 to 3 cents. Futures reverted from the midsession gains on Tuesday, as contracts closed with losses of 3 to 4 cents. CME reported preliminary open interest up 4,577 contracts on Tuesday. The cmdtyView national average Cash Bean price was down 4 cents at $9.33 ¼. Soymeal futures were mixed, within 30 cents of unchanged. Soy Oil futures are down 57 to 74 points as crude oil pressure continues to mount. There were 518 delivery notices for August soybean meal overnight, with none issued for soybeans and soybean oil.
June soybean exports were tallied at 1.501 MMT (55.14 mbu) according to Census, which was up 12.07% from last year but down 5.93% from May. Soybean meal exports were a June record of 1.34 MMT, down 2.71% from May on the shorter calendar. Bean oil exports dropped off in June to 42,458 MT, an 8-month low and 18.84% below June 2024.
