Soybean Prices Decline Amid Improved Crop Ratings

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Soybean futures declined on Monday, with contracts down by 9 to 10 cents. The national average new crop cash bean price fell to $9.59 1/4, a decrease of 10 1/2 cents. Soymeal futures also experienced a downturn, dropping between $1.60 and $2.90, while Soy Oil recorded small gains ranging from 1 to 27 points.

The USDA’s Crop Progress report indicated that 76% of the U.S. soybean crop is now blooming, with 41% setting pods. Good/excellent ratings of the crop improved by 2% to 70%, as the Brugler500 index rose to 378. Additionally, export inspections for the week of July 24 showed 409,714 tons of soybeans shipped, an 8.7% increase from the previous week and 0.3% higher than the same week in 2024.

In international developments, Argentina’s President Milei announced a reduction in the soybean export tax from 33% to 26%, while meal and oil taxes decreased from 31% to 24.5%. Meanwhile, the U.S. and EU are in talks regarding a trade agreement that includes tariffs and energy purchases, although no official agricultural details have been disclosed.

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