Soybean Prices Decline Slightly Amid Steady Crop Conditions
Soybeans are trading lower by 4 to 5 cents per bushel, following Monday's gains of up to nearly a cent. Open interest increased significantly with fresh buying activity noted in the market. Cash bean prices rose slightly at $12.44 1/4 as soy meal and oil futures also saw modest increases. The USDA reported that 6% of the U.S. soybean crop has been harvested, ahead of average pace expectations. Crop conditions remain stable with 58% rated good or excellent. Export shipments for the week ending September 10 were up compared to the previous week but down year-over-year. China remained the top destination. Traders are awaiting NOPA data today and watching developments in Brazil, where CONAB slightly reduced its soybean crop estimate to 180.4 million metric tons.
Tickers: $CHSCL
Topics: futures trading soybeans USDA reports