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Soybeans fell about 13–14 cents during choppy daytime trading on Wednesday, July 10, 2024, according to the U.S. Grains Council’s next-day market recap. The report attributed the weakness to easing U.S. weather concerns and traders’ assessment of strong yield potential, while positioning ahead of Friday’s USDA report. That is market commentary, not a verified causal finding; the accessible report does not establish the contract or exact settlement price.
What happened to soybean prices on July 10?
The U.S. Grains Council described soybean trading as choppy and the daytime move as a decline of about 13–14 cents. Its recap does not identify the contract month or provide an exact settlement in the accessible excerpt, so the headline-sized decline should not be treated as a confirmed official close for a specific futures contract.
U.S. Grains Council, Market Perspectives Report, July 11, 2024
What did the market recap say was behind the decline?
The Council’s interpretation was that traders were taking U.S. weather risk out of the market and assessing crop yield potential as strong. It also noted that soybean meal and oil eased after overnight strength. These are the report’s contemporaneous observations, not proof that any one factor caused the price move. The report mentioned rising soybean open interest but did not establish it as a driver.
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Traders were also positioning ahead of the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report scheduled for Friday, July 12. That upcoming release formed part of the day’s context, but the recap does not quantify its effect on prices.
How did the broader 2024–25 outlook look?
A July 2024 outlook from Iowa State University Extension and Outreach reported USDA projections of 435 million bushels of soybean ending stocks for the 2024–25 marketing year, 90 million bushels above the prior year, and a season-average price estimate of $11.10 per bushel. These are broader supply-and-price estimates, not the July 10 futures settlement.
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Chad Hart, Iowa State extension crop market economist, identified crop conditions, yield potential, remaining stocks and advance export sales as factors traders were watching. In that outlook, he wrote: “Prices will likely continue to falter until usage significantly increases or crop ratings fall off.” The comment addressed the broader market outlook, not the specific July 10 session.
Iowa State University Extension and Outreach, “Demand up, but prices still fall,” July 17, 2024
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What happened in the next session?
Successful Farming reported that November soybean futures were up 4 cents at $10.71 per bushel in overnight trading on July 11, ahead of the USDA crop production and WASDE reports. That is a different contract-specific overnight indication from the prior day’s choppy daytime trading; it is not the July 10 close.
Successful Farming, “3 Big Things Today, July 11, 2024”
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- HIGH-PROTEIN ANIMAL FEED: The high-protein fiber left after oil extraction is ideal for animal feed, particularly for poultry and swine industries, which consume over half of the processed soybean meal. This meal is also crucial for cattle, other farm animals, and pets, ensuring they receive the necessary nutrients for growth and development. A great addition to feed mixes for cowpeas and other legumes.
- ECONOMIC AND NUTRITIONAL: As the most economically important bean globally, soybeans provide essential vegetable protein for millions and are key ingredients in hundreds of chemical products. A 60-pound bushel of our soybeans seed yields about 11 pounds of crude soybean oil and 47 pounds of soybean meal. Beneficial for producing shelf-stable goods for long-term use.
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- Good Eats - Harvest when pods are green and enjoy edamame or allow the pods to dry and shell to eat them boiled or steamed.
- Easy to Grow - Instructions included on each packet. Plus, we are available to answer all your questions. If these seeds don’t germinate, we will happily make it right for you.
- Safe and Sustainable - Our operation is fully solar powered, and Sow Right Seeds has taken the Safe Seed Pledge to sell only fresh Non-GMO heirloom seeds for you and your family.
What the available numbers do—and do not—show
- July 10 daytime move: about 13–14 cents lower, as characterized by the U.S. Grains Council; no exact contract settlement is established in the accessible excerpt.
- 2024–25 ending-stocks projection: 435 million bushels, as reported by Iowa State from USDA projections; a marketing-year estimate, not a daily price.
- 2024–25 season-average price estimate: $11.10 per bushel, as reported by Iowa State from USDA projections; not a July 10 futures quote.
- July 11 overnight indication: November futures up 4 cents to $10.71 per bushel, as reported by Successful Farming; a later session, not the July 10 settlement.
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