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Soybeans rally to highest level since May 2024 on fresh buying
August soybeans reached $12.38, and the cash bean price rose to $11.99 1/2, according to front-month trading.
Soybeans gained on Wednesday as front-month contracts attracted fresh buying, pushing prices higher across near-dated and deferred contracts, Yahoo Finance reports.
The August contract rallied to $12.38, the highest level since May 2024, while front months were up by 11 3/4 to 16 1/4 cents and deferred contracts rose by 7 3/4 to 9 3/4 cents.
The cash Bean benchmark climbed 15 1/2 cents to $11.99 1/2, and related products also moved, with soymeal futures up $4.90 to $5.60 and soy oil futures gaining 66 to 119 points.
Traders were also looking ahead to USDA weekly Export Sales data for the week of 7/16, where expectations call for net cancellations of 200,000 MT to sales of 400,000 MT, as well as USDA guidance for 2026/27 totals.
Latest closeSoybeans $1,241.00 ▲0.7%