Soybean 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 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,
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,
May 25 Soybeans closed at $10.53 3/4, up 1 1/2 cents,
New Crop Cash was $9.44 3/4, up 1 1/4 cents,
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