Soybean futures extended losses early Tuesday after falling 9-10 cents on Monday, with preliminary open interest indicating long positions exiting the market. While U.S. export inspections for the week of July 24 showed strong demand, up 8.7% week-over-week and 10.4% year-to-date, improving U.S. crop conditions, with 70% now rated good/excellent, appear to be the dominant factor weighing on prices.
Soybean futures are exhibiting bearish momentum, with contracts declining 9-10 cents on Monday and extending losses by 2-3 cents in early Tuesday trading. This price action is technically supported by a significant drop in preliminary open interest of 26,541 contracts, indicating a liquidation of long positions. The primary fundamental driver appears to be an improving U.S. supply outlook, as the latest USDA Crop Progress report showed condition ratings for the bean crop rising 2 percentage points to 70% in the good-to-excellent category. This positive supply news is currently overshadowing robust demand signals. The weekly Export Inspections report showed a notable 409,714 MT shipped, with marketing year-to-date shipments now running 10.4% ahead of last year's pace. The weakness is also reflected in related markets, with soymeal futures falling, although soy oil posted a marginal gain.
AI-powered research, real-time alerts, and portfolio analytics for institutional investors.
Request a DemoOverall Sentiment
moderately negative
Sentiment Score
-0.40
Ticker Sentiment
