Soybean futures held midweek gains after the National Oilseed Processors Association reported a larger-than-expected June crush. NOPA data showed 214.34 million bushels crushed during June, well above the average trade estimate of 203.99 million bushels and up 15.69% from a year ago. Soybean oil stocks fell to 1.5 billion pounds, below the trade expectation of 1.653 billion pounds and down 13.51% from the end of May. Soybean futures were up 5 to 8 cents, with the cmdtyView national average cash bean price rising 6.25 cents to $11.52. Weather forecasts indicate continued dryness for much of the Western Corn Belt over the next seven days.
Larger-than-expected June crush and lower soybean oil stocks indicate strong demand for soybeans, supporting prices.
Soybean oil stocks fell more than expected, suggesting tighter supply and supporting soybean oil futures.