Soybeans are getting things started on Wednesday with a morning bounce of 12 to 13 cents. Futures settled Tuesday with contracts steady to 1 ½ cents higher. CmdtyView’s national front month Cash Bean price was up 1 ¼ cents at $9.44 ¾. Front month Soymeal futures was down $1.90 to 2.20/ton. Soy Oil futures were up 58 to 80 points across the board, with gains in crude oil providing another round of strength.
The weekly NASS Crop Progress report on Monday indicated 44% of the US soybean crop dropping leaves as of September 16, 7 percentage points faster than normal, with 6% harvested and doubling the average pace. Condition ratings dropped 1% to 64% gd/ex, as the Brugler500 fell 3 points to 362. Just 3 states saw an improvement, with IL up 6 points, MN improving 7 points and NE 3 points higher. Ratings in OH fell 15 points, with SD down 11, IN down 7, MO slipping 6, and IA dropping 3 points.
CONAB projects the Brazilian soybean crop to reach 166.28 MMT for the 2024/25 crop year. That is well above last year but shy of the 169 MMT estimate from USDA.
Nov 24 Soybeans closed at $10.06, up 1 1/2 cents, currently up 12 3/4 cents
Nearby Cash was $9.44 3/4, up 1 1/4 cents,
Jan 25 Soybeans closed at $10.24 3/4, up 1 1/4 cents, currently up 12 1/2 cents
May 25 Soybeans closed at $10.53 3/4, up 1 1/2 cents, currently up 12 1/2 cents
New Crop Cash was $9.44 3/4, up 1 1/4 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. For more information please view the Barchart Disclosure Policy here.
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