Soybean futures experienced a slight dip with losses of 6 to 7 cents on Tuesday morning, following a strong performance on Monday where they closed 15 to 24 cents higher. As of September 20, USDA’s Crop Progress report noted that 62% of the U.S. soybean crop is dropping leaves and harvest is 12% complete, surpassing the typical 8% average. The Brugler500 index indicated a slight decline, with 58% of crops rated good/excellent.
In the week ending September 17, U.S. soybean export shipments totaled 759,193 metric tons (27.9 million bushels), marking an increase of 11.6% from the previous week and 34.2% year-over-year, with China being the largest destination at 446,789 MT. Year-to-date shipments are at 36.848 million MT (1.354 billion bushels), up by 1.8% compared to last year.
On September 19, China’s Sinograin sold 338,674 MT of soybeans, representing over 62% of their total offered, with another sale of 514,000 MT announced for the upcoming Monday.
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