Soybean futures dropped 9 to 11 cents in Tuesday's midday trading, pressured by wetter weather forecasts and positioning ahead of Wednesday's WASDE report. The cmdtyView national average Cash Bean price rose 3 ½ cents to $11.36 1/4, while soymeal futures were 50 to 70 cents lower and soy oil dropped 139 points. USDA reported a private export sale of 136,000 metric tons of soybeans to China for 2026/27 shipment and 180,000 metric tons of soybean meal to the Philippines. Weekly Crop Progress data showed 93% of the US soybean crop blooming, with condition ratings down 1% at 62% good to excellent, and the Brugler500 index slipping 2 points to 361. A Reuters survey of traders expects NASS to peg US soybean yield at 52.9 bushels per acre, with production seen at 4.472 billion bushels and new crop ending stocks estimated at 304 million bushels. ANEC raised its estimate for August Brazilian soybean exports by 1.14 million metric tons to 10.88 million metric tons.
Wetter forecasts and higher yield expectations pressure soybean prices.
Soymeal futures lower alongside soybeans due to supply outlook.
Soy oil drops on wetter forecasts and supply expectations.
