Soybean futures closed on July 26 with contracts down by 1 ¼ to 3 ¾ cents in the front months, while the cmdtyView national average cash bean price fell 3 cents to $11.46. Soymeal futures decreased by 10 cents to $2.20, and soy oil futures dropped by 18 to 27 points.
The USDA’s Crop Progress report indicated that as of May 17, 67% of the U.S. soybean crop had been planted, significantly above the 53% average for this time of year. Michigan was the only state lagging behind the average pace, with emergence reported at 32% compared to the 23% average.
In Brazil, soybean export estimates for May increased to 16.1 MMT, up by 0.1 MMT from previous estimates.
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