On May 3, 2023, the U.S. soybean crop reached 33% planting completion, surpassing the 23% average for this time of year, according to the latest USDA Crop Progress report. While most states are on pace, Iowa, Michigan, North Dakota, and Wisconsin reported delays, with deficits between 1% and 23% from average planting rates. Additionally, soybean emergence was recorded at 13%, significantly higher than the 5% average.
In market performance, soybeans closed at $11.95¾, down 11¼ cents, while the cmdtyView national average cash bean price fell to $11.43, also down 11¼ cents. March’s export data showed a total of 3.949 million metric tons (145.11 million bushels) of soybeans shipped, marking a year-over-year increase of 12.89% but a decrease of 5.87% from February. Soymeal exports reached a record 1.882 million metric tons.
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