**Soybean Market Update – October 25, 2023**
Soybean futures rose by 7 to 9 ¼ cents on Wednesday morning, recovering from Turnaround Tuesday losses of 3 to 6 ½ cents. The cmdtyView national average cash bean price decreased to $11.84, down 5 cents. Soymeal futures increased by $2.80 to $3.00, while soy oil futures declined by 45 to 50 points. Open interest saw a modest increase of 1,907 contracts on Tuesday.
According to the USDA’s NASS, soybean crop conditions improved by 1%, now sitting at 66% good/excellent. The Brugler500 index rose by 2, reaching 369, despite declines noted in Missouri (-1), North Dakota (-4), and South Dakota (-7). Conversely, improvements were reported in Illinois (+6), Iowa (+9), Minnesota (+2), Nebraska (+5), and Ohio (+4).
Forecasts from NOAA predict 1 to 2 inches of rain for parts of Nebraska, Kansas, Missouri, and Ohio over the next week, while the Dakotas, Minnesota, Wisconsin, Iowa, Illinois, and Indiana could see less than 0.5 inches.
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