**Soybean Market Update (September 11, 2023)**
Soybeans experienced gains of 5 to 9 ¾ cents on Monday, with the cmdtyView national average cash bean price rising 7 ¾ cents to $12.44 ¼. The USDA’s Crop Progress report indicated that 44% of the U.S. soybean crop is dropping leaves and the harvest is 6% complete, ahead of the average pace of 3%. Condition ratings remain steady at 58% good to excellent.
In export news, the USDA reported soybean shipments at 672,750 metric tons (24.72 million bushels) for the week ending September 10, a 44.8% increase from the previous week but 18.2% less than the same week last year. China was the top destination, importing 328,245 metric tons. The November 2026 soybeans closed at $13.04 ¼, up 7 ¾ cents, while January and March 2027 soybean futures also saw increases.
Additionally, CHS announced plans for a new 80 million bushel per year crush facility in Evansville, Wisconsin, set for completion in fall 2028. This comes as AgRural reports that Brazil’s 2026/27 soybean crop is currently 0.4% planted as of last Thursday.
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