Rain is expected across much of the Western Corn Belt next week, with 1 to 2 inches likely. The Eastern Corn Belt may receive up to 1 inch.

USDA reported private export sales of 226,000 MT of old crop soybeans this morning to unknown destinations. An additional flash sale of 195,000 MT of soybean meal was also reported—45,000 MT for 2024/25 and 150,000 MT for 2025/26.

For the week ending June 26, export sales for 2024/25 soybeans totaled 462,435 MT, within analysts’ estimates of 300,000 to 700,000 MT. That figure was 14.8% above last week and more than double the same week last year. Unknown destinations purchased 190,500 MT, while Egypt bought 165,000 MT.

New crop sales reached 239,046 MT, on the higher end of estimates (0 to 300,000 MT), making it the second-largest weekly total for the marketing year. Cumulative new crop sales now stand at 1.59 MMT, with Mexico being the top buyer at 131,600 MT.

Soybean meal sales totaled 306,203 MT for the current marketing year and 397,357 MT for the next, bringing combined sales to 703,560 MT—exceeding trade ideas of 100,000 to 650,000 MT. Soybean oil bookings reached 11,764 MT, within the expected range (net reductions of 10,000 MT to sales of 26,000 MT).

May Census export data showed 1.6 MMT (58.6 million bushels) of soybeans shipped, down 26.81% from April but up 13.13% from last year. Third-quarter exports totaled 267 million bushels, while exports for the first nine months of the marketing year reached 1.685 billion bushels. Meal exports hit a May record of 1.36 MMT, and soybean oil exports were the highest for May in five years at 142,303 MT.