Soybean futures rose by 6 to 7 cents early Tuesday, following gains of 12 to 23.5 cents on Monday. The cmdtyView national average cash bean price increased by 24.25 cents, reaching $11.75. As of August 16, 96% of the U.S. soybean crop was reported to be blooming, with 85% setting pods—5% ahead of the 5-year average. However, condition ratings decreased by 1% to 61% good/excellent.
The USDA highlighted that soybean export shipments for the week ending August 13 were 270,201 metric tons, down 34% from the previous week and 46.3% from the same week last year. Japan was the leading importer, receiving 76,179 metric tons. Additionally, the NOPA reported a record crush of 216.65 million bushels in July, a 10.7% increase from last year, despite falling short of estimates. Soybean oil stocks were recorded at 1.36 million pounds, a decline of 9.39% from June.
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