Soybeans slip as USDA data show 66% blooming by July 19
AI Market Summary
USDA NASS Crop Progress shows soybeans are developing ahead of normal (66% blooming; 32% setting pods) and crop conditions improved to 66% good/excellent, signaling stronger yield potential. Futures and cash prices declined across key contracts, reflecting near-term supply comfort. NOAA forecasts some beneficial rains in parts of the Plains and Ohio, though dryness persists in the Upper Midwest, leaving weather as a residual risk.
Impact level
● Medium
Affected assets
NCCOSOYBEANS2USD/USDT+0.01%
AI Insight · NCCOSOYBEANS2USD/USDTAI Insight
▼ Bearish
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USDA NASS data showed 66% of the U.S. soybean crop was blooming as of 7/19, 6 percentage points ahead of normal, with 32% setting pods, 8 points ahead. Crop condition ratings improved to 66% good/excellent. Soybean futures and cash prices fell, with the August contract down 6 1/2 cents to $12.19 1/2 per bushel and the national average cash price down 5 cents to $11.84 per bushel. The figures point to faster development and improved conditions in key areas, pressuring prices in the near term.
