CBOT soybean futures closed slightly higher. The core driver behind the rebound was the USDA Crop Progress report, which showed that as of the week ending July 26, the U.S. soybean good-to-excellent rating fell to 63%, down 3 percentage points from the previous week and below market expectations of 64%the lowest level for this time of year since 2023. Currently, the U.S. soybean blooming rate stands at 80% and the pod-setting rate at 47%, both higher than the same period last year and the five-year average, placing the crop in the critical yield-formation stage. Weather disruptions remain significant, with meteorological reports indicating that over the next 10 days, the northern U.S. Midwest will see above-normal temperatures and below-normal rainfall across most producing areas. In Brazil, the country's soybean production estimate for this year has been revised upward, but the July export forecast has been lowered. Brazil's soybean exports in 2026 are expected to reach a record 115.