Soybean prices fell sharply on August 26, with declines ranging from 18 ¾ to 40 ½ cents across various futures. The national average cash bean price decreased to $11.74 ¼, marking a loss of 39 ½ cents. Soymeal futures dropped between $5.50 and $11.10, while soy oil futures fell by 104 to 287 points. Contributing factors included weaker product prices and a favorable weather forecast, alongside a decline in crude oil prices by $7.40.
The USDA’s Monday Crop Progress report indicated that 80% of the US soybean crop was blooming as of July 26, an increase of 6% from the five-year average, while 47% had set pods, accelerating by 8 percentage points compared to previous averages. Soybean condition ratings fell to 63% good/excellent, reflecting a 3% decrease. Export data for the week ending July 23 showed soybean shipments of 348,850 metric tons, a 9.3% rise from the prior week but 18.5% below last year’s figures.
Forecasts from NOAA predict 1 to 2 inches of rain over the coming week in several Midwest states, including Iowa, Missouri, Illinois, Indiana, and Ohio.
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