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Amanda Brill at Total Farm Marketing said, “Soybean futures are trading lower with pressure from lower soybean oil. July soybeans are down 2-3/4 cents to $11.20 while November is down 1/4 cent to $11.38-1/4. July soybean meal is up $1.40 to $303.30 and July soybean oil is down 0.27 cents to 75.06 cents.” The Hightower Report said, “Storms are moving across Iowa this morning and through the weekend will fill in most of the Midwest and Delta with the northern Plains drying down. Too much rain may fall in parts of the lower Midwest and Delta but overall, the forecast in considered favorable.”
