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Soybean contracts are trading 6 to 8 cents higher as of Tuesday, September 14, 2023, with the cmdtyView national average cash bean price rising 6.5 cents to $9.73. Soymeal futures increased by 50 to 80 cents, while Soy Oil futures gained 90 to 100 points.
According to weekly NASS Crop Progress data, 41% of the U.S. soybean crop was dropping leaves, with 5% harvested by September 14. Crop condition ratings decreased to 63%, and the Brugler500 index fell to 362. Notable declines were seen in states like Illinois (-11) and Indiana (-7), while Kansas (+3) and Tennessee (+5) saw improvements.
Abiove projects the Brazilian soybean crop for the 2024/25 season at 170.3 million metric tons, with exports at 109.5 million metric tons and crush volumes estimated at 58.5 million metric tons.
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