Soybean Prices Dip on Tuesday, USDA Reports Private Sale to Philippines

Soybeans are down 2 to 6 cents, with 86 deliveries against July soybean overnight. Cash Bean price is $9.84 ¼. Soymeal futures are $0.80/ton lower, Soy Oil down 4 points. USDA reports private sale of 144,000 MT of soybean meal to Philippines. Crop Progress shows 32% of US soybean crop blooming, condition ratings steady at 66% gd/ex.

Commitment of Traders data shows managed money with a net long position of 425 contracts, soybean meal specs record net short of 131,938 contracts. EU commission estimates EU soybean imports at 14.52 MMT for 2024/25 MY. Soybean prices closed at $10.28 1/2, $9.84 1/4 for Cash, $10.25 1/4 for Aug 25, $10.18 3/4 for Nov 25, and $9.70 for New Crop Cash.

Read more at Yahoo Finance: Soybeans Holding Lower on Tuesday