Soybeans Fall to Start the Week, as Ratings Improve
The Monday afternoon Crop Progress report from USDA showed a total of 76% of the US bean crop blooming, with 41% setting pods. Condition ratings were back up 2% to 70% in good/excellent categories, as the Brugler500 improved 5 points to 378.
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This morning's Export Inspections report showed a total of 409,714 (15.05 mbu) of soybeans shipped in the week of 7/24. That is up 8.7% from last week and 0.3% above the same week in 2024. Egypt was the top destination of 154,434 MT, with 75,603 MT headed to Netherlands and 72,432 MT to Mexico. Marketing year shipments are now at 47.2 MMT (1.734 bbu), which is 10.4% above the same period last year.
The US and EU announced the framework for a trade agreement over the weekend, which includes 15% US tariffs on most EU goods, $750 billion in US energy purchases over 3 years, and EU lowering some tariffs on US ag goods. Nothing is official, nor has much been announced in relation to ag.
Over the weekend, President Milei of Argentina announced a reduction in the export tax on soybeans back to 26%, from 33%, with meal and oil dropping from 31% to 24.5%.
Aug 25 Soybeans closed at $9.88 3/4, down 10 cents,
Nearby Cash was $9.55, down 10 1/4 cents,
Sep 25 Soybeans closed at $9.92 1/2, down 9 1/2 cents,
Nov 25 Soybeans closed at $10.11 1/2, down 9 1/2 cents,
New Crop Cash was $9.59 1/4, down 10 1/2 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
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