Soybean futures are trading 1 to 2 cents lower early Thursday, with the August contract up 2 cents. China's Sinograin sold 334,000 metric tons of imported soybeans out of a 501,000 metric ton auction at an average price of $594.84 per metric ton. The USDA will release its weekly Export Sales report this morning, with analysts estimating 2025/26 sales of 100,000 to 400,000 metric tons and new crop business at 0.9 to 1.55 million metric tons for the week ending July 30. Preliminary open interest fell by 14,512 contracts on Wednesday, suggesting long liquidation, while the national average cash bean price dropped 4 3/4 cents to $11.29 3/4. The NOAA 7-day precipitation forecast shows rains of 1 to 4 inches across much of the Midwest, including Iowa, Missouri, Illinois, Indiana, Wisconsin, Michigan, and Ohio.
Sinograin's auction sales add supply, and rains in the Midwest improve crop conditions, pressuring prices.
Sinograin sold only 334k MT out of 501k MT, indicating weaker demand for imported soybeans.
