Soybean Futures Edge Up as Crop Reports Influence Market

2 min read | September 17, 2024 03:18 PM EDT | By Team Kalkine Media

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Soybean Futures Edge Up as Crop Reports Influence Market — Image source: Shutterstock

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Soybean futures see a slight increase in early Tuesday trading, though some midday pressure was noted.
The NASS Crop Progress report reveals faster-than-average leaf drop and a doubling in harvest pace compared to the norm.
August NOPA crush data falls short of estimates, impacting soybean oil stocks significantly.

Soybean futures are experiencing a modest rise of 2 to 4 cents on Tuesday morning, showing a slight recovery after facing midday pressure. The NOPA report from Monday led to a minor decline of 1 to 2 cents in near-term futures. The national front month Cash Bean price, as reported by CmdtyView, decreased by 1.5 cents, settling at $9.43. Soymeal futures rose by $1.40 per ton, while Soy Oil futures increased by 19 points, buoyed by strength in crude oil. In contrast, consumer stocks have been showing varied trends, reflecting different market dynamics.

The weekly NASS Crop Progress report highlighted that 44% of the U.S. soybean crop has started dropping leaves as of September 16, which is 7 percentage points faster than the average rate. Harvest progress has doubled the typical pace, with 6% of the crop already harvested. Condition ratings have slightly decreased by 1% to 64% good/excellent, and the Brugler500 index fell by 3 points to 363. USDA's Export Inspections report revealed that 401,287 metric tons of soybeans were shipped during the week ending September 12, marking a 9.95% improvement from the previous week but a 6.69% decrease from the same period last year. Mexico was the largest destination, receiving 121,006 metric tons, followed by Indonesia with 81,235 metric tons.

NOPA's August crush data, released earlier today, showed a total of 158 million bushels, falling short of the 171.325 million bushel trade estimate. This figure represents a 13.6% decrease from the previous month and is the lowest for August since 2017. Consequently, soybean oil stocks decreased to 1.138 billion bushels, marking a 24.07% drop from last month and an 8.92% reduction from the previous year.

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