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Barchart
Barchart
Austin Schroeder

Soybeans Slip Back to Start Friday

Soybeans are trading with 1 to 2 cent losses so far on Friday morning. Futures rallied back on Thursday, with contracts up 9 to 10 ¼ cents at the close. Open interest was up 20,965 contracts on Thursday, suggesting net new buying interest. The cmdtyView national average Cash Bean price was back up 8 1/2 cents at $9.35 1/4. Soymeal futures bounced back, with contracts up $3.30 to $4.00. Soy Oil futures were down 20 to 28 points on the day. There were 124 delivery notices for August soybean meal overnight, with 20 issued for soybean oil and none against August soybean.

The 7 day forecast is creeping higher, with totals up to 1-nearly 5+ inches for parts of IA, southern WI, northern MO, and northwest IL in the next week. Areas in KS, MN, IN and MI are also expected to to receive nearly an inch.

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