On July 26, soybean prices rose significantly, with July futures closing at $11.82 1/4, an increase of 50 1/2 cents, and nearby cash prices up 47 1/4 cents at $11.36 3/4. The cmdtyView national average cash bean price reached $11.36 3/4, while soymeal futures rose by $5.10 to $9.10 across most contracts. Reports indicated China purchased five cargoes, contributing to the day’s gains.
USDA’s FGIS reported soybean export shipments for the week ending July 2 at 528,350 MT (19.41 million bushels), up 19% from the previous week and 31.9% year-on-year. China was the leading destination, receiving 268,115 MT. Meanwhile, Crop Progress data from NASS indicated that 34% of the US soybean crop was blooming as of July 5, up 6% from normal, though overall condition ratings dropped to 64% rated good/excellent.
In related weather forecasts, anticipated rainfall over the next week includes 1 to 3 inches across parts of the Dakotas and Minnesota, and up to 2 inches in the Eastern Corn Belt, which could impact crop conditions moving forward.
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