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Soybean contracts closed on Monday, September 18, 2023, down 13 to 14.5 cents, with the cmdtyView national average cash bean price at $9.35¾, a decline of 14.5 cents. Soymeal futures fell by 70 cents to $4, while soy oil futures decreased by 45 to 93 cents by the end of the session.
According to Crop Progress data, 61% of the U.S. soybean crop is showing leaves dropping, which is 1 percentage point above the normal rate, with the harvest at 9% complete. Condition ratings have declined to 61% good/excellent, down from the previous week. Export inspections reported 484,116 MT of soybeans shipped, a 41.1% decrease from the previous week.
Additionally, AgRural estimates that 9% of the Brazilian soybean crop has been planted, while Argentina suspended export taxes on soybeans, soybean meal, and oil through the end of October.
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