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On May 3, 2023, U.S. soybean planting reached 33%, surpassing the average pace of 23%, according to the USDA’s NASS Crop Progress report. Additionally, soybean emergence was measured at 13%, well above the average of 5% for this time of year.
In trading, soybeans fell by 8 to 12 cents in the front months, with May soybeans priced at $11.95 3/4. The cmdtyView national average cash price dropped by 10 3/4 cents to $11.44 1/2. March saw soybean exports at 3.949 MMT (145.11 mbu), a 12.89% increase from the previous year, while soymeal exports set a record at 1.882 MMT.
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