04/09/2024 (Barchart) - Soybeans rounded out the Wednesday session with gains of 8 to 9 ½ cents across most front months. Soymeal futures were up $7.70/ton in October. Soy Oil futures were down 87 points as pressure continues to come via crude oil.

Census data showed July soybean exports at 1.495 MMT, a 11.62% improvement from June and 17.04% above last year’s July total. In the first 11 months of the marketing year, 1.632 bbu have been shipped, leaving 68 mbu needed in August to hit the 1.7 bbu USDA projection. Meal shipments were down 6.1% from last year at 1.018 MMT.

US soybean yield was trimmed by 0.4 bpa according to the latest StoneX estimate. They raised the production total by 92 mbu  to 4.575 bbu on increased acreage.

Crop Progress data from NASS indicated soybean condition ratings down 2% to 65% good/excellent, with the Brugler500 index dropping 4 points to 365. Of the major states, OH lost 12 points, with ND falling 8, IN down 7, NE losing 6 and MO dropping 5 points. Ratings in IL were up 6 points, with MN improving 5.

Brazil’s AgRural expects to see a 0.9% increase in soybean acreage out of the country this year to 114.66 million acres. Production is seen at 168 MMT.

Sep 24 Soybeans  closed at $10.06, up 9 cents,

Nearby Cash  was $9.58 1/2, up 9 3/4 cents,

Nov 24 Soybeans  closed at $10.21 1/2, up 9 1/2 cents,

Mar 25 Soybeans  closed at $10.53 3/4, up 9 3/4 cents,

New Crop Cash  was $9.58 1/2, up 9 3/4 cents,

https://www.barchart.com/story/news/28372036/soybeans-extend-rally-to-wednesday