Soybean futures closed on July 25, 2023, with contracts down 1 to 4 cents, while July futures ended the day at $12.07 ¼, gaining 5 ¼ cents. The cmdtyView national average Cash Bean price dropped 3 ¾ cents to $11.46. Soymeal futures rose by 20 cents to $2.80, while Soy Oil futures decreased by 19 to 49 points.
The USDA’s Crop Progress report indicated that as of July 12, 50% of the U.S. soybean crop was blooming, 6% above the five-year average, with 19% setting pods, which is 6% faster than usual. The overall condition rated at 65% good to excellent reflects a 1% improvement. Brazilian soybean production is projected at 180.57 million metric tons, with July exports estimated at 13.76 million metric tons, up 1.5 million metric tons from the previous week.
NOPA is expected to release data on July 26, with estimates predicting 203.99 million bushels of soybeans crushed in June, and bean oil stocks at 1.653 billion bushels. In June, China imported 13.55 million metric tons of soybeans, according to trade data.
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