Soybeans are experiencing gains of 10 to 13 cents on Tuesday, with the cmdtyView national average Cash Bean price rising by 13 1/4 cents to $12.46 3/4. Additionally, soymeal futures have increased by $2.30 to $2.90, while Soy Oil has seen a decline of 85 to 93 points. According to the USDA’s Crop Progress report from September 27, 75% of the U.S. soybean crop has dropped leaves, with harvest at 17% complete, matching the average pace. Current condition ratings remain steady at 58% good/excellent, with the Brugler500 index at 352.
In related weather updates, the NOAA’s 7-day QPF forecasts heavy rains across the central and western corn belt, particularly in the latter half of the week. NASS will release Grain Stocks data on Wednesday, with analysts predicting 321 million bushels of soybeans in storage at the end of August, down from 325 million bushels last year.
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