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Soybean prices declined on July 25, 2023, with July contracts closing at $9.97, down 7 cents, and nearby cash prices at $9.61 1/2, down 3 ¼ cents. The USDA reported soybean export shipments for the week ending July 10 at 147,045 MT (5.4 mbu), a 63.2% drop from the previous week and 16.1% lower than the same week last year, with Mexico being the largest buyer at 32,507 MT.
Crop Progress data indicated that 47% of the US soybean crop was blooming as of Sunday, aligning with the 5-year average. The crop’s ratings improved to 70%, and the Brugler500 index rose by 7 points to 376. Additionally, Chinese soybean imports reached a record 12.26 MMT in June.
Widespread rains are anticipated across much of the Corn Belt this week, with forecasts suggesting at least 1 inch in most areas and 2-3 inches in the Central Corn Belt.
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