**Soybean Market Update: August 26, 2023**
On August 26, 2023, soybeans experienced losses, with prices dropping 3 to 6.5 cents. The cmdtyView national average cash bean price decreased by 5 cents to $11.84. In contrast, soymeal futures increased by $2.80 to $3.00, while soybean oil futures fell by 45 to 50 points.
The USDA’s National Agricultural Statistics Service reported that by July 19, 66% of the U.S. soybean crop was blooming, which is 6% above normal. Additionally, 32% of the crop is currently setting pods. The condition ratings for soybeans improved to 66% rated good/excellent, though deterioration was noted in Missouri, North Dakota, and South Dakota, while ratings improved in Illinois, Iowa, Minnesota, Nebraska, and Ohio.
For the week ahead, the NOAA’s 7-day QPF predicts 1 to 2 inches of rain in parts of Nebraska, Kansas, Missouri, and Ohio, while the Dakotas, Minnesota, Wisconsin, Iowa, Illinois, and Indiana are expected to receive less than 0.5 inches.
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