Soybean futures showed early weakness on Tuesday, with contracts down 7 to 10 cents after concluding Monday up by 3 to 7.5 cents. The cmdtyView national average cash bean price increased by 6 cents to $11.47 ½, while soymeal futures rose 20 cents and soy oil increased 101 to 157 points. Open interest decreased by 6,470 contracts, indicating modest short covering.
As of August 2, 88% of the U.S. soybean crop is blooming with 62% setting pods, 7 percentage points ahead of the 5-year average. The USDA’s export report for the week ending July 30 showed shipments at 343,941 MT, a decrease of 6% from the previous week and 45.3% year over year. Key destinations included Indonesia with 78,702 MT, Mexico with 74,245 MT, and Germany with 58,129 MT.
USDA confirmed recent sales of 488,000 MT to China for the 2026/27 marketing year, in addition to 136,150 MT to unknown destinations. The USDA’s Fats & Oils report indicated that 217.8 million bushels of soybeans were crushed in June, slightly below estimates, but up 10.61% year-on-year. Meanwhile, StoneX adjusted Brazil’s soybean production forecast to 183.1 MMT, marking a rise of 0.5 MMT.
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