On Tuesday morning, soybean futures are experiencing losses of 3 to 5.5 cents, following significant declines on Monday where prices fell 18.75 to 40.5 cents. The cmdtyView national average cash bean price is reported at $11.74. Notably, open interest dropped by 29,692 contracts, indicating profit-taking activity.
The USDA’s Crop Progress report revealed that as of July 26, 80% of the US soybean crop is blooming, which is 6% above the normal rate. However, condition ratings decreased by 3% to 63% good/excellent. Additionally, soybean export inspections for the week ending July 23 totaled 348,850 MT, marking a 9.3% increase from the previous week but down 18.5% compared to the same time last year.
China’s state firm Sinograin is set to auction 504,000 MT of imported soybeans on Friday. Weather forecasts predict 1 to 2 inches of rainfall across parts of Iowa, Missouri, and Illinois over the next week.
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