World edible oil prices moved lower on Monday, as weakness in energy markets and forecasts for moderate weather conditions through the end of August triggered a round of technical selling in palm oil and soybean oil futures. Following rain this past weekend, updated NOAA outlooks called for above normal chances for additional precipitation through the end of August for the Midwest Corn Belt. During this period, average to below-average temperatures are eyed for the region. 

Peak pod development takes place in August. As of the week ending August 6, 66 percent of the U.S. soybean crops had set pods, the USDA’s latest Crop Progress Report, released after the market close on Monday, showed. This was up from 59 percent during the same week in 2022. USDA also reported 54 percent of the U.S. soybean crop was rated at good, or excellent, condition last week. This was up from 52 percent the week prior but down from 59 percent from the corresponding year-ago period.

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