November soybean futures closed 32¾¢ higher on Monday, July 22, 2024; the headline rounds the gain to 32¢. This is a historical market recap, not a current price or outlook. Karl Setzer of Consus Ag Consulting attributed the rally to easing tariff concerns, stronger-than-expected Chinese economic data and reports of uneven U.S. crops, while also identifying factors that limited the advance.
How soybeans and related contracts finished
Successful Farming’s July 22, 2024 report gave the following closing moves:
| Contract | Reported move |
|---|---|
| November soybeans | Up 32¾¢ |
| December corn | Up 10¼¢ |
| September CBOT wheat | Up 5¼¢ |
| September Kansas City wheat | Up 1¾¢ |
| September Minneapolis wheat | Up 13¢ |
These are the report’s contemporaneous futures moves, not today’s quotes. The account does not independently corroborate the historical settlement figures. Read the July 22 report from Successful Farming.
Why soybeans rose that day
Setzer said futures began the week with solid gains led by soybeans. He connected the market’s strength to several developments traders were weighing at the time:
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- Less tariff concern: Following President Biden’s withdrawal from the presidential race, Setzer said concern had eased that a Trump election could bring additional tariffs on trading partners, particularly China. This was his market interpretation, not proof that political developments alone caused the rally.
- Chinese economic data: Setzer said stronger-than-expected economic data from China raised hopes of additional commodity demand.
- Uneven U.S. crop reports: Reports of uneven crop conditions in parts of the United States, especially areas with saturated soils, added support in his view.
In the morning update, The Brock Report also cited talk of Chinese interest in U.S. soybeans, drier Midwest forecasts and possible short covering amid political uncertainty. Those comments referred to trading before the 8:30 a.m. open, so they describe the morning market narrative rather than establish the cause of the closing move.
What Setzer said limited the gains
Setzer also described countervailing factors that kept the advance from being larger:
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- He said there was not major stress across the U.S. crop overall, despite reports of uneven conditions.
- He noted heat entering longer-range forecasts around grain and pod filling.
- He pointed to larger South American crop estimates and a slight increase in country movement.
These are Setzer’s explanations from that trading day. The report does not establish the independent effect of any one factor on prices.
Morning quote versus the close
In the morning update, November soybeans were reported up 24½¢; by the close, they were up 32¾¢. Those are two snapshots from the same day, not separate daily gains to add together. The Brock Report described corn and soybean futures as moving strongly higher in early trading after a jump on Sunday night’s open.
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The morning account also reported a USDA announcement of a 133,000-metric-ton Mexican corn purchase for the 2024–2025 marketing year. Successful Farming reported the announcement; the USDA notice itself was not independently checked here. Al Kluis, managing director of Kluis Commodity Advisors, cited private projections at that time of 184 bushels per acre for corn and 53 to 54 bushels per acre for soybeans. These were projections, not final yield results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Other markets in the July 22 report
The same closing report said live cattle rose $1.13, feeder cattle gained 80¢ and lean hogs rose $1.43. September crude oil fell 32¢. The September U.S. Dollar Index contract was at 104.06; September S&P 500 futures gained 54 points and Dow futures gained 136 points. These figures are historical context from the report, not current market information.
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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.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
