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Soybean futures closed on Tuesday, September 25, 2023, with contracts down 2 to 3 cents, marking the front months at $10.11 1/2 for September, $10.31 1/4 for November, and $10.50 1/2 for January. The national average cash soybean price dropped to $9.53 1/4, down 2 1/4 cents. A total of 46 deliveries were reported overnight, with an additional 22 issued by the CME.
As of Sunday, September 24, 2023, the USDA’s NASS reported that 21% of the U.S. soybean crop has dropped leaves, which is 1% behind the normal rate. Key states are lagging significantly: Nebraska is 19% behind the 5-year average, North Dakota 18% behind, South Dakota 16%, and Iowa 3% below average. Overall condition ratings decreased to 64% good/excellent, a 1% drop since the previous week.
The upcoming monthly Crop Production report, scheduled for release on Friday, is expected to show a slight yield drop to 53.3 bushels per acre, with total production estimated at 4.271 billion bushels, a 21 million bushel reduction if realized.
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