On Monday, July 26, soybean futures closed down 17½ cents at $11.08¾, with the cmdtyView national average cash bean price decreasing to $10.63, a drop of 16½ cents. Soymeal futures fell 40 cents to $2.30, while soy oil futures decreased by 96 points. The USDA reported a private export sale of 136,000 metric tons of soybeans to unknown destinations.
As of June 28, 96% of the U.S. soybean crop had emerged, which is 1% above the norm. The crop condition ratings decreased slightly to 65% good/excellent. Weekly soybean export shipments were recorded at 419,124 metric tons, a 54% increase from the previous week and 76.7% higher than the same week last year, with Mexico being the top destination at 121,835 metric tons.
Looking ahead, analysts are expecting the USDA to report 85.2 million acres of soybeans planted based on a recent Bloomberg survey. Additionally, June 1 Grain Stocks data will be released, with expectations of 1.049 billion bushels of soybean stocks.
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