Soybean futures closed with minor gains on Tuesday, July 25, 2023, with July soybeans ending at $10.24 3/4, up 1/2 cent. The national average cash bean price rose by 7 cents to $9.88 3/4. A total of 503 deliveries were issued overnight, along with 642 contracts for July bean meal.
According to the NASS Crop Progress report, 94% of the U.S. soybean crop has emerged, with 17% blooming and 3% setting pods, both above the five-year average. Crop ratings remained steady at 66% good/excellent, with varying improvements across major states. Additionally, the Fats & Oils report indicated a 203.7 million bushel soybean crush in May, a 0.65% increase from April.
Brazilian soybean exports for June were estimated at 13.93 million metric tons, up by 0.1 million metric tons from previous estimates, while the Brazilian soybean crop was projected at 168.75 million metric tons.
