Soybean prices fell on Tuesday, with the cmdtyView national average cash bean price down by 9¾ cents, settling at $10.01¾. Soymeal futures decreased by $1 to $2.10 per ton, while soy oil saw declines ranging from 96 to 114 points. Crude oil also dropped by $3.50 per barrel, contributing to the weakness in bean oil.
The USDA’s weekly crop progress report indicated that 66% of crops are rated as good or excellent, with the Brugler500 index remaining at 367. However, several Midwest states experienced notable declines, with conditions in North Dakota dropping by 12 points. In contrast, Brazil’s soybean exports for June are projected to reach 14.99 million metric tons, an increase from the previous estimate of 14.36 million metric tons.
