Soybeans Slip 3 1/2 Cents as Cash Bean Price Falls to $11.29 3/4
Updated
Updated · Barchart · Aug 5
Soybeans Slip 3 1/2 Cents as Cash Bean Price Falls to $11.29 3/4
3 articles · Updated · Barchart · Aug 5
Summary
August soybeans settled at $11.51 1/2, down 3 1/2 cents Wednesday, while the national average cash bean price fell 4 3/4 cents to $11.29 3/4.
Rain forecasts across key Midwest states pressured the market, with NOAA projecting 1 to 4 inches over the next week in parts of Iowa, Missouri, Illinois, Indiana, Wisconsin, Michigan and Ohio.
Product markets also weakened: soymeal futures lost $1.30 to $2.80 and soy oil fell 22 to 48 points, reinforcing the softer tone across the soy complex.
USDA's weekly Export Sales report is due Thursday, with traders looking for 100,000 to 400,000 metric tons of old-crop soybean sales and 0.9 million to 1.55 million tons of new-crop business.
China's Sinograin sold 334,000 metric tons from a 501,000-ton imported soybean auction at an average $594.84 per ton, offering a fresh read on demand as traders await U.S. export data.