Soybean Prices Rise as Pro Farmer Tour Reports Lower Pod Counts
Soybean futures continued to rise early Tuesday, with gains of 6 to 7 cents per bushel following a strong performance on Monday where prices surged by up to 23.5 cents across contracts. The market appears influenced by the latest data from the Pro Farmer Crop Tour, which reported significantly lower soybean pod counts in South Dakota and Ohio compared to both last year's figures and multi-year averages. The USDA’s National Agricultural Statistics Service (NASS) noted that as of August 16, nearly all U.S. soybeans were blooming, with export shipments for the week ending on August 13 falling short by over a third from the previous week. Meanwhile, July crushing data showed record levels despite missing estimates slightly. Soybean oil stocks also declined below expectations and year-ago figures, while soymeal futures rose alongside soy oil prices due to tightening supply concerns.
Topics: crop tour futures trading soybeans