Soybean prices increased on Tuesday, with contracts rising by 4 3/4 to 9 ¾ cents. The cmdtyView national average cash bean price was reported at $12.44 3/4, an increase of 11 1/4 cents. Meanwhile, soymeal futures fluctuated, with decreases of 50 cents to $1.60 in nearby contracts, and soy oil up between 60 to 75 points.
According to the USDA’s Crop Progress report from September 27, 75% of the U.S. soybean crop has shed its leaves, with harvest reaching 17% completion, matching the average pace. Condition ratings remain steady at 58% good/excellent, with the Brugler500 index at 352. The upcoming Grain Stocks data release on Wednesday is anticipated to show 321 million bushels of soybeans on hand at the end of August, a slight decrease from 325 million bushels last year.
In Brazil, ANEC estimates September soybean exports at 7.24 million metric tons, down by 0.78 million metric tons from previous estimates. Heavy rains across the central and western corn belt are forecasted for the coming days, which may affect harvest conditions.
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