Soybeans See Modest Gains as Meal Prices Rise
On September 17, soybean futures showed modest gains with contracts rising by 2 to 4 cents at midday. The national average Cash Bean price increased by 2 cents to $12.64¾. Meanwhile, soymeal futures experienced a stronger rally of up to $9 in the front months, reaching $11.30 per tonne, while soy oil prices declined slightly. The USDA's Export Sales report revealed strong sales for the upcoming marketing year with 1.7 million metric tons (MMT) sold during the week ending September 10—well above last year’s figures and within analyst expectations. However, soymeal bookings were lower than expected at 210,507 MT. The National Oceanic and Atmospheric Administration's forecast predicts heavy rains across key soybean-producing regions in the U.S., which is likely to slow down early harvest progress.
Topics: soybeans soymeal USDA report weather impact