Soybeans Rallying with More Export Business

Soybeans traded higher on Monday, posting gains of 25 to 27 cents. The cmdtyView national average cash bean price rose 26 1/4 cents to $11.92 1/4, while soymeal futures were up midday by $5.30 to $6.50. Soy oil futures declined by 50 to 60 points. The USDA reported private export sales of 264,000 metric tons of soybeans to Mexico and 110,000 MT to unspecified destinations for the new crop. Export inspections showed shipments of 296,972 MT (10.91 mbu) for the week of July 16, down 33.72% versus the prior week and 21.24% below the same week last year. Weather inputs included NOAA’s 7-day QPF calling for 1 to 2 inches in parts of the Northeast and Midwest, with limited precipitation elsewhere in the Corn Belt.