Soybean futures are trading 2 to 4 cents higher so far on Tuesday morning. They faced some midday pressure, following Monday morning’s NOPA report, as futures close the session down 1 to 2 cents in the nearbys. CmdtyView’s national front month Cash Bean price was down 1 ½ cents at $9.43 ½. Front month Soymeal futures were up $1.40/ton. Soy Oil futures were up 19 points on the day, with crude oil providing some strength. 

The weekly NASS Crop Progress report indicated 44% of the US soybean crop dropping leaves as of September 16, 7 percentage points faster than normal, with 6% harvested and doubling the average pace. Condition ratings dropped 1% to 64% gd/ex, as the Brugler500 fell 3 points to 363.

USDA’s Export Inspections report showed 401,287 MT of soybean shipped during the week that ended on September 12. That was an improvement of 9.95% from last week but down 6.69% from the same week last year. The largest destination was Mexico, at 121,006 MT, with 81,235 MT headed to Indonesia.

NOPA crush data was released earlier today, with August crush among members at just 158 million bushels. That was well below the 171.325 million bushel trade estimate, down 13.6% from a month ago and the lowest August crush since 2017. That did help to drop the soybean oil stocks total to 1.138 billion bushels, a draw of 24.07% from last month and down 8.92% from last year.

Nov 24 Soybeans  closed at $10.04 1/2, down 1 3/4 cents, currently up 3 1/4 cents

Nearby Cash  was $9.43 1/2, down 1 1/2 cents,

Jan 25 Soybeans  closed at $10.23 1/2, down 1 1/4 cents, currently up 3 cents

May 25 Soybeans  closed at $10.52 1/4, down 1 cents, currently up 2 3/4 cents

New Crop Cash  was $9.43 1/2, down 1 1/2 cents,