Soybean futures fall on weather and crude

Soybean oil futures declined across the board on Tuesday, pressured by weaker soybean products, falling crude oil prices, and forecasts of wetter weather in key US growing regions. The national average cash soybean price fell to $11.29 per bushel, down 18.25 cents. Soymeal and soybean oil futures also declined. The USDA reported private export sales of soybeans to China and soybean meal to the Philippines. Weekly Crop Progress data from NASS showed the US soybean crop was 88% blooming and 62% setting pods as of August 2, with condition ratings steady at 63% good/excellent. USDA Fats & Oils data showed June soybean crush at 217.8 million bushels, slightly below expectations, while monthly Census data showed June soybean exports at 1.917 million metric tons, the largest June total in four years. StoneX released an initial estimate for the 2026 US soybean crop at 53 bushels per acre, with production at 4.47 billion bushels. A Thomson Reuters — Reuters survey of traders expects NASS to peg US soybean yield at 52.9 bushels per acre in the upcoming WASDE report. ANEC raised its estimate for August Brazilian soybean exports to 10.88 million metric tons.