As of May 24, 2023, U.S. soybean planting reached 79%, significantly ahead of the 68% average for this time of year, according to the NASS weekly Crop Progress report. Soybean emergence stands at 49%, compared to the 40% average. Notably, Michigan and Ohio lag behind their average planting pace, while Wisconsin is below normal for emergence.
In market updates, soybean prices have increased by 3 to 5 cents on Wednesday, with the cmdtyView national average cash bean price at $11.27 1/2. Brazil’s ANEC estimates May soybean exports at 15.9 million metric tons, marking a 0.2 million metric ton decrease from last week’s projection, while last year’s exports for the same month were 14.09 million metric tons.
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