Soybean Prices Tumble with Crude Oil Decline
US soybean prices fell on Tuesday as crude oil prices declined and crop progress continued to improve. The US Department of Agriculture reported that 63% of the country's soybean crop was rated good to excellent, steady from the previous week.
The USDA also noted that blooming advanced eight points at 88%, four points above the five-year average, while pod setting was up 15 points at 62%, seven points above the average.
Private export sales of 132,000 tonnes of soybeans to China were reported on Tuesday, following an additional 488,000-tonne sale to China and 136,150 tonnes to unknown destinations on Monday.
Corn prices also dipped despite worsening crop conditions, with the USDA reporting that the corn crop was 61% good to excellent, down two points from the previous week.