On July 26, soybean prices increased by 10.75 cents, closing at $11.30, amid heightened buying interest fueled by rumors of Chinese inquiries into U.S. soybeans. The cmdtyView national average Cash Bean price also rose to $10.77, up 10.75 cents.
According to the USDA’s weekly Crop Progress report, 95% of the U.S. soybean crop was planted by June 7, surpassing the normal rate by 2%. The crop’s condition improved, with 66% rated good/excellent. Significant improvements were noted in states including Indiana (+10 points) and North Dakota (+10 points), while declines were seen in Illinois (-7 points) and Nebraska (-12 points).
In Brazil, soybean exports for June are estimated at 15.31 million metric tons, an increase of 0.93 million metric tons from previous estimates.
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