Soybeans Recover After Sharp Drop, Crop Conditions Mixed
Soybean prices rebounded modestly after a sharp decline the previous day. On Tuesday, soybean contracts rose between 2½ to 6¼ cents per bushel, with cash bean prices increasing by nearly four cents to $11.78. However, soymeal futures showed mixed performance, while soy oil futures declined significantly. The U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) reported that 80% of the U.S. soybean crop was blooming as of July 26—above normal levels—but condition ratings fell by three percentage points to 63%. Regional improvements were noted in Missouri and Indiana, while several key states like Nebraska and South Dakota saw significant declines. Meanwhile, China's Sinograin is set to auction imported soybeans on Friday. Brazilian export estimates for July remain slightly above last year’s levels despite a downward revision.
Topics: crop conditions futures prices soybeans