Soybean futures are currently trading 4 to 5 cents lower, following Monday’s gains of 5 to 9¾ cents. Fresh demand was observed with open interest increasing by 12,998 contracts. The cmdtyView national average Cash Bean price rose 7¾ cents to $12.44¼. Soymeal futures advanced 40 cents to $3.40, while Soy Oil gained 35 to 56 points. No deliveries were issued against September soybeans on the final trading day, though 6 contracts were delivered for soybean meal and 10 for September bean oil.
The USDA’s NASS Crop Progress report released Monday indicated that 44% of the U.S. soybean crop had dropped leaves as of Sunday. Harvest progress stands at 6%, outpacing the 3% average pace. Crop condition ratings remained unchanged at 58% good/excellent, with the Brugler500 index holding steady at 353.
USDA’s FGIS reported soybean export shipments totaling 672,750 MT (24.72 million bushels) for the week ending September 10. This represents a 44.8% increase from the prior week but an 18.2% decline compared to the same period last year. China was the leading destination at 328,245 MT, followed by Indonesia at 74,200 MT and Japan at 65,070 MT. Marketing year shipments total 914,826 MT (33.61 million bushels) for the first week and a half, which is 15.8% below the year-ago pace.
Today’s release of NOPA data is anticipated to show 211.55 million bushels of soybeans crushed among members, with soybean oil stocks estimated at 1.257 billion pounds.
CHS announced on Monday the construction of a new soybean crush facility in Evansville, Wisconsin, with an annual capacity of 80 million bushels and a targeted completion date in the fall of 2028.
CONAB’s latest estimate pegged Brazil’s soybean crop at 180.4 MMT, a slight decrease of 0.06 MMT from the previous month’s projection.
Nov 26 Soybeans closed at $13.04¼, up 7¾ cents, currently down 4¾ cents.
Nearby Cash was $12.45¼, up 7¾ cents.
Jan 27 Soybeans closed at $13.20¼, up 8¼ cents, currently down 4½ cents.
Mar 27 Soybeans closed at $13.28, up 9¼ cents, currently down 4 cents.
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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