Soybean prices declined on August 25, 2023, with contracts down 9 to 13 cents at the close. The cmdtyView national average new crop cash bean price decreased by 10 cents to $9.76 1/4. The USDA reported that 62% of the U.S. soybean crop is blooming, with 26% setting pods. However, condition ratings dropped by 2% to 68% in the good/excellent categories.
In export activity, soybean inspections for the week ending July 17 reached 364,990 metric tonnes (MT), a rise from 338,255 MT the previous year and significantly higher than the 151,346 MT reported last week post-revisions.
Weather forecasts predict spotty rain across the Corn Belt, with the Dakotas, Minnesota, Wisconsin, and northern Iowa expecting 1-2 inches, and possibly up to 4 inches, in some areas early this week.
