Soybeans Holding Midday Weakness

Group 1 - Soybean prices have decreased by 3 to 4 cents across most contracts, with the national average cash bean price at $9.52 1/4, down 3 1/2 cents [1][3] - Soymeal futures have increased by $4.50 to $6.00 in the front months, while soy oil futures have decreased by 48 to 80 points [1] - The USDA's NASS reported that 97% of the US soybean crop has set pods, with 21% of the crop dropping leaves, which is 1% behind the normal pace [2] Group 2 - Condition ratings for soybeans have declined by 1% to 64% good/excellent, with the Brugler500 index dropping 1 point to 365 [2] - Specific state conditions showed Missouri down 9 points, Iowa down 2, South Dakota down 8, and Ohio down 22 points, while Nebraska improved by 5 points and Illinois by 3 points [2] - Canadian canola stocks at the end of July were reported at 1.597 million metric tons, a decrease of 50.5% from the previous year [3]