Soybean futures hold steady near $11.8 per bushel as the market awaits the USDA supply and demand report.
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(1) Soybean futures are holding steady near $11.8 per bushel after recent declines, still close to a five-week high, as traders adjust positions ahead of USDA’s closely watched supply and demand report. (2) The report, set to be released later today, will incorporate the agency’s end-June planting area and grain stock estimates. (3) Prior to the USDA’s weekly export sales report, analysts expect net sales of old crop soybeans in the U.S. for the week ending July 2 to be between 50 thousand and 500 thousand metric tons, and new crop sales to be between 150 thousand and 500 thousand metric tons. (4) Soybean prices have risen more than 4% this week. (5) Fresh clashes between the U.S. and Iran near the Strait of Hormuz have pushed up crude oil prices, also supporting soybeans, as soybeans are often linked to oil prices due to their role as a biofuel feedstock.
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