Soybean prices rising due to strong product demand, with analysts predicting increased bookings

Soybean contracts are up 16 to 20 cents, with no deliveries issued overnight. Cash bean prices are at $10.07 1/4. Soymeal futures are $1.60 higher, while Soy Oil is up 119 points. Analysts expect between 300,000 and 700,000 MT of old crop beans to be booked in the upcoming Export Sales report.

May’s Fats & Oils report showed 203.7 mbu of soybeans crushed, a 0.65% increase from April. Stocks totaled 1.876 billion lbs, down 5.06% from the prior month. The 7-day QPF from NOAA predicts rains in parts of NE, IA, MN, WI, and the Dakotas. July soybeans are at $10.45 1/4, up 20 1/2 cents.

Cash soybeans are at $10.07 1/4, up 19 1/2 cents. August soybeans are at $10.49 1/2, up 19 3/4 cents, while November soybeans are at $10.43 3/4, up 16 1/2 cents. New Crop Cash is at $9.96 1/2, up 16 1/2 cents. No positions in mentioned securities. Source: Barchart.com.

Read more at Yahoo Finance: Soybeans Rallying on Wednesday with Product Strength