Soybeans experienced losses of 9 to 13.5 cents across most contracts on Tuesday, with September soybeans closing at $10.25 ¾, down 11 cents. The cmdtyView national average cash bean price fell 13.5 cents to $9.65 ¼. Soymeal futures dropped $3.80 to $8.10, while soy oil futures rose 41 to 56 points, with 403 deliveries against September bean oil reported.
According to the latest Weekly Crop Progress data, 94% of the US soybean crop is now setting pods, matching the five-year average. However, soybean condition ratings decreased by 4% to 65%, with Brugler500 ratings down 8 points to 366, only 1 point above last year’s rating for the same week. The NASS report also revealed that 204.73 million bushels of soybeans were crushed in July, representing a 3.98% increase from June and a 5.94% rise compared to last year.
Export inspections data for the week ending August 28 indicated that 472,914 metric tons of soybeans were shipped, up 20.3% from the prior week but down 6% from the same week last year. Vietnam was the top destination, receiving 126,247 metric tons, followed by Mexico with 115,769 metric tons. Marketing year shipments since last September have totaled 49.76 million metric tons, an 11.3% increase year-over-year.
