The U.S. soybean market experienced a decline on July 26, with July soybeans closing at $11.65 1/4, down 15 1/2 cents, and nearby cash prices at $11.06 3/4, down 15 3/4 cents. August soybeans also fell by 16 cents to $11.69, while November soybeans decreased by 11 cents to $11.77 3/4.
According to the latest Weekly Crop Progress data, as of Sunday, 87% of the U.S. soybean crop has been planted, which is 7% faster than the average pace. However, crop ratings reveal that 66% of the soybean crop is in good or excellent condition, slightly down from the previous year and below expectations, resulting in a Brugler500 index rating of 369, the lowest in three years.
Regional disparities in crop ratings were noted, with Ohio scoring the lowest at 339 and Iowa showing the best condition at 393. The 7-day NOAA forecast predicts up to half an inch of rainfall across much of the Western Corn Belt, while areas east are expected to receive less than an inch, except for northern Illinois and Wisconsin.
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