Soybean Bulls Getting Some Help from Bean Oil

Austin Schroeder Barchart Tue Sep 16, 12:27PM CDT
Soybeans emerging in the spring by jcesar2015 via Pixabay

Soybeans are trading with contracts 6 to 8 cents higher across the front months at Tuesday’s midday. The cmdtyView national average Cash Bean price is up 6 1/2 cents at $9.73 1/2. Soymeal futures are up 50 to 80 cents, with Soy Oil futures posting 90 to 100 point gains. 

Weekly NASS Crop Progress data indicated a total of 41% of the US soybean crop was dropping leaves by 9/14, with harvest listed at 5%. 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 the Gulf to 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.

Nov 25 Soybeans  are at $10.49 3/4, up 7 cents,

Nearby Cash  is at $9.73 1/2, up 6 1/2 cents,

Jan 26 Soybeans  are at $10.69 1/4, up 7 1/2 cents,

Mar 26 Soybeans  are at $10.84 1/4, up 7 3/4 cents,


On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.