Soybean contracts fell between 4 to 15 ½ cents on Monday, with nearby contracts leading the decline. The cmdtyView national average Cash Bean price decreased by 13.5 cents to $11.88 ½. Soymeal futures increased between $2.60 and $6.20, while Soy Oil prices dropped 189 to 227 points.
Weekly Crop Progress data from NASS indicated that as of August 23, 91% of the U.S. soybean crop had set pods, with 6% dropping leaves. Soybean condition ratings fell 1% to 60% good/excellent, and the Brugler500 index dropped 4 points to 357. Additionally, USDA’s FGIS reported soybean export shipments at 420,895 metric tons for the week ending August 20, a 43% increase from the previous week and 6.9% larger than the same week last year. Egypt was the leading destination, accounting for 116,966 MT.
Pro Farmer’s estimations from last week’s Crop Tour anticipate a national yield of 53.3 bushels per acre, projecting production at 4.572 billion bushels. Current cash prices include September soybeans closing at $12.16, November at $12.24 ¼, and January at $12.38 ¼.
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