Soybean prices saw a decrease of 2 to 7 cents at the close on Tuesday, with the national average new crop Cash Bean price at $9.56 1/2. Soymeal futures were down $2.30 to $3.20, while Soy Oil closed with gains of 51 to 99 points. The US-China tariff deadline was extended for 90 days pending President Trump’s approval to ease trade tensions.

The USDA Crop Progress report showed 76% of the US bean crop blooming, with 41% setting pods. Condition ratings improved to 70% in good/excellent categories, with several states seeing fluctuations in ratings. Brazil soybean exports in July are estimated at 12.05 MMT, slightly lower than previous estimates but higher than last year’s volume.

Soybean prices closed lower on August 25, with Aug 25 Soybeans at $9.81 3/4, Nearby Cash at $9.47 1/4, Sep 25 Soybeans at $9.89 1/2, and Nov 25 Soybeans at $10.09 1/2. New Crop Cash closed at $9.56 1/2. Austin Schroeder did not have any positions in mentioned securities.

Read more at Yahoo Finance: Soybeans Fall Despite Bean Oil Strength