On August 16, 2023, U.S. soybean prices saw significant gains, with September soybeans closing at $12.01, up 23 ¼ cents, while the cmdtyView national average cash bean price rose 24 ¼ cents to $11.75 ¼. Soymeal futures increased by $1.10 to $2.40 and Soy Oil rallied by 130 to 202 points. The USDA’s FGIS reported soybean export shipments at 270,201 metric tons (9.93 million bushels) for the week ending August 13, representing a 34% decline from the previous week and 46.3% lower than the same week last year.
As of August 16, the Weekly Crop Progress data indicated that 96% of the U.S. soybean crop was blooming and 85% had set pods, which is 5 percentage points ahead of the 5-year average. However, crop condition ratings decreased by 1% to 61% good/excellent. NOPA reported a record crushing of 216.65 million bushels in July, although this was below the estimated 221.5 million bushels.
Additionally, portions of the Eastern Corn Belt experienced flooding over the past week, potentially causing some crop damage, though the extent is still unknown. Soybean oil stocks were reported at 1.36 million pounds, a 9.39% decline from June and 1.35% lower than last year.
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