CBOT Soybean prices fell nearly 1% on weather-driven factors

September and November futures both lost 7.25 cents. USDA lowered its assessment of the soybean crop, moving it from 66% to 65% in good-to-excellent condition. 24% of the crop is in fair condition (with the remaining 11% in poor or very poor condition and Forecasts in the Midwest are calling for rain today and tomorrow followed by drier weather on the weekend.

this year’s soybean crop is maturing slightly faster than average, with 91% of the crop now setting pods versus last year’s pace of 86% and a five-year average of 83%.

Brazil is expected to plant a record-breaking 89.6 million acres of soybeans in 2018/19, up 3.2% from a year ago. This would be the twelfth year in a row to have expanded bean acres in Brazil. Planting is expected to begin in September.