**Soybean Market Update – October 3, 2023**
Soybean futures experienced a mixed morning on October 3, showing gains of 5 to 6 cents following a significant decline of 17 to 30.75 cents on October 2, which resulted in a total open interest drop of 19,381 contracts. The cmdtyView national average cash bean price fell by 29.5 cents to $12.32. Soymeal futures decreased by $3.60 to $12.20, while soy oil saw a minor decline of 10 to 21 points.
USDA’s Crop Progress report released on October 2 indicated that 75% of the US soybean crop has entered the leaf drop stage as of September 27, with the harvest now 17% complete, aligning with the average pace. Weekly export inspections reported increased soybean shipments of 1.153 million metric tons (MMT), a 49.8% increase from the previous week and an 88.8% rise compared to the same week last year. China remained the leading destination with imports of 806,776 MT.
Looking ahead, NASS will release Grain Stocks data on October 4, with estimates suggesting 321 million bushels of soybeans on hand at the end of August. This figure is projected to be slightly lower than last year’s 325 million bushels.
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