Soybeans saw gains of 4 to 6 cents on Wednesday, building on Tuesday’s increases of 11.5 to 14 cents. The cmdtyView national average cash price for soybeans reached $12.01, up 13.25 cents. A USDA report announced a private export sale of 132,000 metric tons of soybeans to unknown destinations.
As of August 23, 91% of the U.S. soybean crop had set pods, with 6% dropping leaves, according to Weekly Crop Progress data from NASS. The overall condition ratings declined by 1% to 60% good/excellent. In Brazil, acreage for soybeans is estimated at 49.2 million hectares (121.58 million acres), slightly exceeding last year’s figures. Additionally, China’s Sinograin sold 222,782 metric tons of the 290,000 metric tons of imported soybeans auctioned on Wednesday.
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