Soybeans are trading with Thursday morning gains of 7 to 8 ½ cents. Futures posted front month buying on Wednesday, as contracts were 11 ¾ to 16 ¼ cents higher across the nearbys and up 7 ¾ to 9 ¾ cents in the deferreds. The rally to $12.38 in the August contract hit the highest level since May 2024 for the front month continuation price. Open interest rose 11,805 contracts on Wednesday, suggesting new length coming in. The cmdtyView national average Cash Bean price was up 15 1/2 cents at $11.99 1/2. Soymeal futures were $4.90 to $5.60 higher, with Soy Oil futures rallying 66 to 119 points.
Weekly Export Sales data from USDA is expected to show net cancellations of 200,000 MT to sales of 400,000 MT in the week of 7/16. Sales for 2026/27 are seen between 1-1.8 MMT. Meal sales are estimated to total 100,000 to 575,000 MT, with bean oil between net reductions of 10,000 MT to sales of 10,000 MT.
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