Soybeans Shrugging Off Overnight Lows by Double Digits

Soybeans have shown resilience despite overnight lows, with a notable increase across the front months. The national average Cash Bean price has risen by 9 1/4 cents to $11.97. Meanwhile, Soymeal futures experienced losses ranging from 30 to 80 cents, while Soy Oil rebounded by 45 to 55 points. The USDA reported a private export sale of 132,000 metric tons of soybeans to undisclosed locations.

Corn and Soybean Traders welcomed a bullish trend after being weary of missing midday reversals. A free newsletter aimed at keeping traders informed is available. According to the latest Weekly Crop Progress data from NASS, 91% of the US soybean crop had set pods by August 23, and 6% had shed leaves. The condition ratings dropped by 1%, settling at 60% good/excellent, with the Brugler500 index falling by 4 points to 357.

Notably, conditions in North Dakota experienced a more significant decline of 19 points, while Ohio, South Dakota, Indiana, Minnesota, Missouri, and Iowa all faced weaker conditions. Agroconsult estimates Brazilian soybean acreage at 49.2 million hectares (121.58 million acres), slightly higher than the previous year. As of the publication date, Austin Schroeder did not have any positions in the mentioned securities. All information and data in this article are provided for informational purposes only.