Soybean Prices Drop Amid Mixed Crop Progress Reports

Soybeans are experiencing losses with contracts down by 12 to 14 cents at midday. The cmdtyView Cash Bean price decreased by 13 1/4 cents to $10.02 3/4. Soymeal futures have fallen by $2.20 per ton, and Soy Oil futures are down 54 points.

Tuesday’s Crop Progress data revealed that 76% of soybeans were planted as of Sunday. This figure exceeds the 68% average pace but is below the trade estimate of 77%. Among the 18 major states, Kentucky (-5%), Mississippi (-7%), and Ohio (-10%) are lagging their 5-year averages. Additionally, the national crop is 50% emerged, outpacing the 40% average. Condition reports are expected next Monday.

Scattered rains are forecasted for the upcoming week, with the most significant precipitation expected in the southern regions of the Eastern Corn Belt and parts of the Plains.

Jul 25 Soybeans are priced at $10.49 1/4, down 13 1/4 cents.

Nearby Cash is at $10.02 3/4, also down 13 1/4 cents.

Aug 25 Soybeans are trading at $10.46, down 12 cents.

Nov 25 Soybeans are at $10.37 3/4, down 13 cents.

New Crop Cash is at $9.76 1/1, down 12 1/4 cents.

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes. For more information, please view the Barchart Disclosure Policy here.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.