**Soybean Market Update – October 4, 2023**
Soybeans are experiencing early gains of 7 to 8 cents as traders anticipate the USDA’s Grain Stocks report. On Tuesday, futures rebounded, closing 4 ¾ to 9 ¾ cents higher. Currently, the cmdtyView national average cash bean price is at $12.44 ¾, up 11 ¼ cents. As of September 27, the USDA reports that 75% of the US soybean crop has dropped its leaves, with harvest completion at 17%, matching the average pace.
Analysts predict that the upcoming USDA Grain Stocks data will show 321 million bushels of soybeans on hand as of the end of August, slightly below last year’s 325 million bushels. Additionally, Brazilian soybean exports for September are estimated at 7.24 million metric tons, down 0.78 million metric tons from previous forecasts.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
