Soybean Prices Rise Amid Favorable Crop Progress
On Tuesday, soybeans showed firmer trade with contracts rising up to 1.25 cents higher at midday. The cmdtyView national average Cash Bean price increased by 1.25 cents to $12.70 3/4. Meanwhile, soymeal futures rose another $4.30 while soy oil declined between 55 and 61 points. The USDA's Crop Progress report indicated that 62% of the U.S. soybean crop had started dropping leaves as of September 20, with harvest at 12%, ahead of the five-year average pace. The Buenos Aires Grain Exchange estimated Argentina’s 2026/27 soybean crop at 53.6 million metric tons (MMT), up from last year's 50.1 MMT. China also contributed to market dynamics, with Sinograin selling over 62% of the total offered in a recent auction and announcing another large sale for November.
Topics: futures_prices soybeans USDA_report