Soybean futures opened Wednesday with gains of 1 to 2 cents. The cmdtyView national average cash bean price rose 1.5 cents to $10.66 3/4, while soymeal futures added $2.10 to $3.10 in nearby contracts and soy oil futures fell 32 to 56 points. USDA Crop Progress data showed 93% of the U.S. soybean crop emerged as of June 21, three percentage points ahead of normal, with 9% blooming and condition ratings steady at 66% good to excellent. President Trump indicated that unfrozen Iranian funds will be used to purchase U.S. agricultural products including soybeans, reiterating the statement in a media post overnight. ANEC estimated Brazilian soybean exports in June at 15.21 million metric tons, a slight drop from the prior week's figure.
Trump indicated unfrozen Iranian funds will be used to purchase U.S. soybeans, boosting demand outlook.
Soymeal futures rose on higher soybean demand expectations from Iran purchases.
Soy oil futures fell 32-56 points, likely due to steady crop ratings and ample supply.