Soybean futures increased by 18 to 21.25 cents on Thursday, while new crop contracts gained between 7 and 11 cents. The national average cash price for soybeans rose 20 cents to $10.47 per bushel. Soymeal futures also saw gains of $5 to $7, whereas soy oil futures remained mostly steady or slightly lower.
The continued upward movement in soybean prices reflects ongoing demand and market dynamics affecting both current and future contracts. These changes impact producers, processors, and traders involved in the soybean supply chain.
**Why this matters**
Rising soybean prices can influence planting decisions, export competitiveness, and input costs for livestock producers relying on soymeal. Monitoring these price trends helps stakeholders make informed choices related to production, marketing, and risk management.
Source: NewsData