Soybean futures are experiencing firmer trade on Tuesday, September 26, 2023, with contracts up to 1 ¼ cents higher, reflecting a national average cash bean price of $12.70 ¾, according to cmdtyView. Soymeal futures have also seen a rise of $4.30, while soy oil has dropped by 55 to 61 points.
The USDA’s Crop Progress report indicates that as of September 20, 62% of the U.S. soybean crop has begun dropping leaves, with harvest completion at 12%, surpassing the 8% average pace. Overall condition ratings remain steady at 58% good/excellent, though the Brugler500 index slipped to 352, reflecting a decline in quality.
Additionally, the Buenos Aires Grain Exchange forecasts Argentina’s soybean crop for 2026/27 at 53.6 million metric tons (MMT), surpassing last year’s 50.1 MMT. In China, Sinograin sold 338,674 MT of soybeans on Tuesday, which is over 62% of the total offered, with another 514,000 MT sale planned for next Monday.
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