**Soybean Markets Update – September 22, 2023**
Soybean contracts closed on September 22 with mixed results; November futures gained 1.5 cents, while back-month contracts fell by 1.75 cents. The cmdtyView national average Cash Bean price increased by 1.5 cents to $12.62. Managed money added 20,331 contracts to their net long position in soybean futures, bringing the total to 265,041 contracts, while speculators in soymeal reached a record net long of 192,368 contracts.
USDA reported soybean export commitments at 21.2 million metric tons, 94% higher than the same period last year, and accounting for 46% of the USDA forecast. Heavy rainfall is expected next week, with NOAA predicting 1 to 4 inches across Texas to the Great Lakes and the northeast.
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