Soybean contracts fell by 10 to 14 cents on Tuesday, with August 24 soybeans priced at $10.34 1/4, down 10 cents. Soymeal futures declined by $5.60 per ton, and soy oil futures decreased by 53 points. The USDA reported U.S. soybean exports at 1.339 million metric tons (MMT), exceeding last year’s figures but reflecting a 5.04% decrease from May.
Year-to-date soybean exports reached 43.03 MMT, or 1.581 billion bushels (bbu), with a requirement of 119 million bushels in the final two months to meet USDA projections. June’s soybean meal shipments totaled 1.119 MMT, a 10.76% increase from May but an 11.19% decrease from June last year. Bean oil exports were at a four-year high for June, totaling 52,312 MT.
As for crop development, 86% of the U.S. soybean crop is blooming, and 59% is setting pods, both ahead of the average pace. The USDA condition rating improved by 1% to 68% good/excellent, with notable improvements in North Dakota and Minnesota.
