Soybeans rounded out the Tuesday session with contracts up 7 to 8 cents across the front months. The cmdtyView national average Cash Bean price was up 6 1/2 cents at $9.73 1/2. Soymeal futures were down a dime to 80 cents, with Soy Oil futures posting 59 to 93 point gains. Earlier today, EPA proposed adding additional volumes to RFS mandates for upcoming years to reallocate volumes from the SREs granted for 2023 and 2024. Current proposals are for 50% or 100% reallocation with a 45 day public comment period.
Weekly NASS Crop Progress data indicated 5% of the US soybean crop harvested by 9/14. Condition ratings were 1% lower to 63% as the Brugler500 index dropped 3 points to 362. Just KS (+3), NE (+2), and TN (+5) saw increases in ratings, with IL (-11), IN (-7), IA (-2), MN (-4), MO (-6), ND (-7), and OH (-7) all showing a deteriorating crop.
Rains across the country over the next week will likely slow any early harvest across the Plains, from parts of KS and MO up through the Dakotas/MN.
Abiove estimates the Brazilian soybean crop at 170.3 MMT for 2024/25, with exports left at 109.5 MMT. Crush for the marketing year is seen at 58.5 MMT, up 0.4 MMT from their previous estimate. September exports out of Brazil are expected to total 7.53 MMT, which is 0.1 MMT above their estimate last week.
Nov 25 Soybeans closed at $10.49 3/4, up 7 cents,
Nearby Cash was $9.73 1/2, up 6 1/2 cents,
Jan 26 Soybeans closed at $10.69 1/4, up 7 1/2 cents,
Mar 26 Soybeans closed at $10.84 1/4, up 7 3/4 cents,
