Soybean contracts fell 17 to 30 ¾ cents on Monday, with the cmdtyView national average cash bean price at $12.32, down 29 ½ cents. Soymeal futures declined $3.60 to $12.20, while Soy Oil decreased by 10 to 21 points. This market drop follows China’s decision to exclude soybeans from tariff reductions on US goods post a recent meeting, potentially limiting US export opportunities to state-owned entities.
According to the USDA’s Crop Progress report released on September 27, 75% of the US soybean crop has dropped leaves, and 17% of the harvest is now complete, matching the average pace. Condition ratings remain steady at 58% good/excellent. The Monday Export Inspections report indicated soybean shipments reached 1.153 million metric tons (MMT), a 49.8% increase from the prior week and 88.8% higher than last year, with China as the largest recipient at 806,776 MT.
As of Thursday, AgRural reports that 3.4% of the Brazilian soybean crop is planted in the Center-South Region, closely aligned with last year’s pace. Analysts predict that the upcoming NASS Grain Stocks report will show 321 million bushels of soybeans on hand at the end of August, down from 325 million bushels a year ago.
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