Soybean futures rose by 7 to 8 cents on Friday, with September 24 soybeans reaching $9.48 ½ and nearby cash at $9.26 ¾. Additionally, November 2024 soybeans climbed to $9.69 ½, while March 2025 soybeans increased to $10.03. Soymeal futures, however, fell by $0.50 per ton.
The USDA announced a private export sale of 120,000 metric tons (MT) of 2024/25 soybeans to unknown destinations, contributing to a weekly total of 1.384 million metric tons (MMT) of soybean flash sales. As of August 15, 2023, export commitments for the 2023/24 soybean crop stood at 45.895 MMT, down 14% year-over-year and 99% of the USDA’s projection.
ProFarmer’s annual crop tour reported soybean pod counts of 1,036.59 in Minnesota and 1,312.31 in Iowa, both above last year’s counts.
