Soybean futures experienced broad-based losses on Monday, dropping between 18 ¾ and 40 ½ cents per bushel as improved weather forecasts and bearish external market forces weighed heavily on prices. The cmdtyView national average Cash Bean price settled 39 ½ cents lower at $11.74 ¼. Soymeal futures declined by $5.50 to $11.10 per ton, while Soy Oil futures fell between 104 and 287 points. Crude oil prices dropped $7.40 per barrel, adding additional downward pressure across commodity markets.
According to the Monday Crop Progress report from NASS, 80% of the U.S. soybean crop had reached the blooming stage by July 26, representing a 6% increase above the historical average. Pod setting was reported at 47%, running 8 percentage points ahead of the five-year average. However, crop condition ratings slipped 3% to 63% good-to-excellent, causing the Brugler500 index to drop 6 points to 363.
The weekly Export Inspections report revealed soybean shipments totaling 348,850 metric tons (12.82 million bushels) during the week ending July 23. This represented a 9.3% increase from the previous week but remained 18.5% below the corresponding period last year. Mexico received the largest share at 88,217 metric tons, followed by Egypt with 65,154.620 metric tons and Japan with 57,290 metric tons. Cumulative shipments for the marketing year reached 38.97 million metric tons (2.843 billion bushels), marking a 17.5% decline compared to the same timeframe last year.
NOAA’s 7-day Quantitative Precipitation Forecast indicates rainfall ranging from 1 to 2 inches across portions of Iowa, Missouri, Illinois, Indiana, and Ohio over the coming week. Similar precipitation levels are expected in eastern South Dakota and southern Minnesota.
Aug 26 Soybeans closed at $12.08 ½, down 39 ½ cents,
Nearby Cash was $11.74 ¼, down 39 ½ cents,
Sep 26 Soybeans closed at $11.99 ¾, down 40 ½ cents,
Nov 26 Soybeans closed at $12.13 ¾, down 39 ¾ cents,
New Crop Cash was $11.55 ¾, down 39 ½ cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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