Soybean futures advanced 8 to 9 cents early Tuesday, rebounding from modest gains on Monday. Open interest increased by 3,456 contracts, driven largely by the January contract. The cmdtyView national average cash bean price rose 2¼ cents to $12.25¼. Meanwhile, soymeal futures slipped $1.20–$1.80, while soy oil futures rose 21 to 80 points.
A private export sale of 104,000 metric tons of soybeans was reported Monday by the USDA to unspecified destinations.
Monday’s NASS Crop Progress report showed 85% of the U.S. soybean crop dropping leaves as of October 4, with harvest at 25% complete—7 percentage points behind normal. Condition ratings fell 1% to 57% good to excellent, and the Brugler500 index dropped 2 points to 350.
The Export Inspections report indicated soybean shipments of 1.138 million metric tons (41.83 million bushels) for the week ending October 1, up 45.3% from the prior week but 1.5% below the same week last year. China led imports with 756,492 MT, followed by Algeria (126,680 MT) and Bangladesh (59,219 MT). Year‑to‑date shipments now total 3.986 MMT (146.5 mbu), 30.9% ahead of the prior year’s pace.
Brazil’s soybean planting progress was 7.3% as of Thursday per AgRural, behind last year’s 9%. The firm now estimates the Brazilian crop at 182.7 MMT, a slight 0.1 MMT increase from its previous forecast.
Recent contract prices: Nov 27 soybeans closed at $12.80¾, up 2½ cents; nearby cash settled at $12.25¼, up 2½ cents. Jan 27 soybeans closed at $12.97½, up 3 cents; Mar 27 soybeans closed at $13.08, up 3¼ cents.
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