On July 26, soybean futures experienced marginal losses, with the front months declining by up to 10.5 cents. The cmdtyView national average Cash Bean price fell by 10.25 cents to $11.22. While soymeal futures recorded losses between $1 to $3.60, soy oil futures rose by 35 to 47 points.
The USDA’s Export Inspections report for the week ending May 21 indicated soybean shipments reached 571,620 metric tons (21 million bushels), more than double the same week last year. China was the primary destination at 137,310 metric tons, followed by Egypt with 110,059 metric tons and Mexico with 75,442 metric tons. The marketing year total now stands at 35.135 million metric tons (1.29 billion bushels), reflecting a 20.8% decrease from the previous year.
The weekly Crop Progress report revealed that as of May 24, 79% of the U.S. soybean crop was planted, exceeding the 68% average for this time of year. Soybean emergence was reported at 49%, compared to the 40% average.
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