Soybean futures slip as Midwest storms raise crop damage questions.

July Soybean futures closed moderately lower after failing at the 200-day moving average, though sideways trade helped alleviate strongly oversold conditions, with the Relative Strength Index holding at 37%. Market attention remains heavily focused on Midwest weather patterns. While two consecutive weeks of rain have brought moisture to areas flagged on the drought monitor, the severe nature of the storms-featuring fast, heavy precipitation, wind, and hail-has raised questions about potential crop damage. On the demand side, weekly export sales performed well, combining for a strong showing across old and new crop. Old crop sales for 2025/2026 reached 425,000 metric tons, topping the estimated range, while new crop sales for 2026/2027 added 304,000 metric tons to meet expectations.