According to USDA’s Monday afternoon Crop Progress report, 76% of the U.S. soybean crop was blooming, and 41% was setting pods. Crop condition ratings improved by 2% to 70% good/excellent, with the Brugler500 index up 5 points to 378.

This morning’s Export Inspections report showed 409,714 metric tons (15.05 million bushels) of soybeans shipped during the week ending July 24. This was up 8.7% from the previous week and 0.3% above the same week last year. Of this, 154,434 metric tons were shipped to Egypt, 75,603 metric tons to the Netherlands, and 72,432 metric tons to Mexico. So far in the marketing year, total soybean exports stand at 47.2 million metric tons (1.734 billion bushels), 10.4% above last year’s pace.

Over the weekend, the U.S. and the European Union announced a framework for a trade agreement, which includes 15% U.S. tariffs on most EU goods, $750 billion in U.S. energy purchases over three years, and some EU tariff reductions on U.S. agricultural goods. However, nothing is official yet, and little has been disclosed regarding agricultural specifics.

Over the weekend, Argentina’s President Milei announced a reduction in the soybean export tax from 33% to 26%, while meal and oil taxes were lowered from 31% to 24.5%.