As of Tuesday midday, soybean prices are mixed, with nearby August contracts down 2 cents while new crop contracts for November and beyond are up at least 1 cent per bushel compared to Monday’s settlement. The cmdtyView national average new crop cash bean price has increased by ½ cent to $9.77 ¾. Soymeal futures have risen by $2.10 to $2.50 per ton, but soy oil is experiencing a decline of 25 to 30 points due to weak energy markets.
The USDA’s Monday afternoon Crop Progress report indicated that 62% of the U.S. soybean crop is blooming, and 26% has begun setting pods. Soybean condition ratings decreased 2% from the previous week, now standing at 68% in the good/excellent categories. Notably, North Dakota and Kansas saw a national decline in conditions while Ohio and South Dakota showed improvements.
USDA reported soybean export inspections for the week ending July 17 at 364,990 metric tonnes (MT), an increase from 338,255 MT a year ago, and a significant rise from the 151,346 MT reported last week post-revisions.
