Soybean prices rose significantly on Monday, with the November contract closing at $13.28, an increase of 24.5 cents. The cmdtyView national average Cash Bean price was reported at $12.69 3/4, also up by 24.5 cents. Soymeal futures increased by $5.60, reaching $12, while Soy Oil rose between 44 to 63 points.
According to the USDA’s Crop Progress report as of September 20, 62% of the U.S. soybean crop has dropped leaves, exceeding the average pace of 12% harvested. The crop’s condition remained steady at 58% good/excellent. Weekly Export Inspections show soybean shipments at 759,193 metric tons, marking an 11.6% increase from the previous week and 34.2% higher than the same week last year. China was the leading destination, receiving 446,789 metric tons.
Additionally, AgRural reported that as of last Thursday, Brazil’s soybean crop is 1.2% planted, slightly ahead of last year’s pace of 0.9%. This increase in market activity coincides with U.S. Treasury Secretary Bessent’s meetings with Chinese officials in anticipation of a forthcoming leaders’ summit.
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