Soy futures fell significantly last week amid ideal conditions for soybean ripening in the US
Soybean futures declined for the period July 24 – 31
Soybean prices on the USA CME Group fell by USc42.6 to USc961.6/bu.
The US soybean condition remains very high, with 70% of the area rated “good/excellent.” The first week of August promises to be with favorable weather. There is sufficient moisture, and lower temperatures will promote bean filling.
The good harvest prospects are putting downward pressure on prices. However, news from the US-China meeting, which failed, does not inspire price optimism. The US market is losing its export to China, and Chinese buyers are switching to soybean supplies from South America.
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