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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsNovember 2024 soybean futures closed 7¾¢ higher on Monday, August 26, 2024, according to Agriculture.com. The report attributed support to higher soybean meal and oil prices. Its headline says “7¢,” however, and the article does not explain the difference between that figure and the 7¾¢ close stated in its body.
What happened to soybean prices that day?
Agriculture.com reported that November soybeans finished 7¾¢ higher on August 26, 2024. This is a historical daily market recap, not a current soybean quote. The report does not provide an independently verified exchange settlement record.
The article’s headline gives the move as 7¢, while its body reports 7¾¢. It does not explain the discrepancy, so the two figures should not be treated as interchangeable.
Why did soybeans close higher?
The article said higher soybean meal and soybean oil prices supported soybeans, attributing that explanation to Grain Market Insider, a newsletter from Stewart-Peterson Inc. This is the market commentary cited in the report, not an independently established cause of the price move.
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The session’s tone had been weaker earlier. In its 9:06 a.m. CT update, Agriculture.com reported November soybeans down 2¼¢. The change from that morning snapshot to the reported higher close shows why an intraday quote should not be confused with a settlement figure.
What else shaped the market outlook?
The report said prospects for large U.S. crops were pressuring grain prices. It cited The Brock Report’s assessment that soybean futures remained just above recent lows; hot, dry Midwest weather and oversold conditions apparently limited further weakness. These were commentators’ interpretations of the session, rather than a definitive explanation of every price change.
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What did the Pro Farmer crop tour estimate?
Agriculture.com reported that the 2024 Pro Farmer crop tour put soybean yield at a record 54.9 bushels per acre, 1.7 bushels per acre above USDA’s latest estimate as described in the article. The passage does not state USDA’s underlying soybean estimate as a standalone number, and these figures are the report’s account of the tour and its comparison—not an independently verified statistical release.
Angie Setzer, a partner at Consus Ag Consulting, cautioned that the tour yield estimates “are not a direct indication of tour yield results but are instead a combination of the tour observations and ‘other factors’ the group takes into consideration before making a final yield estimate.” The figure should therefore be understood as the tour’s estimate, not a direct count of yields from fields visited.
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For context, the same report put the corn estimate at a record 181.1 bushels per acre, two bushels per acre below USDA’s latest estimate. That comparison is also reported by Agriculture.com, not independently verified here.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read this market recap
- Contract and date: November soybeans, Monday, August 26, 2024.
- Reported close: Up 7¾¢ in the article body; the headline says 7¢, with no explanation for the difference.
- Earlier snapshot: Down 2¼¢ at 9:06 a.m. CT, according to the report.
- Reported context: Higher meal and oil prices were cited as support, while large-crop prospects were described as pressure on grain prices.
- Crop-tour estimate: 54.9 bushels per acre for soybeans, reported as 1.7 bushels above USDA’s latest estimate.
Source: Cassidy Walter, “Soybeans Close up 7¢ | Monday, August 26, 2024,” Agriculture.com / Successful Farming, updated August 26, 2024 and published at 3:19 p.m. CT.
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