Soybean Prices Continue to Decline Amid Improved Weather Outlook
Soybean prices are continuing their downward trend in early Tuesday trading, with losses ranging from 3 to 5.5 cents per bushel. Futures dropped significantly on Monday due to weaker product demand and an improving weather forecast that reduces concerns over crop damage. Open interest also declined by nearly 29,700 contracts, suggesting some profit-taking activity among traders. The national average Cash Bean price fell to $11.74 per bushel as of Monday's close. Soymeal futures dropped between $5.50 and $11.10 while Soy Oil prices declined by 104 to 287 points, further pressured by a drop in crude oil prices. The USDA’s NASS Crop Progress report indicated that the U.S. soybean crop is ahead of schedule with 80% blooming as of July 26—six percentage points above normal—and pod-setting at 47%, eight points faster than average.