Soybean futures ended a modest two-week rally with the Nov-23 contract hitting $14.05 per bushel on Aug. 28, before trailing back lower to $13.6875 per bushel as of Aug. 31’s close. Futures were up 1.5 cents per bushel as of mid-session the morning of Sep. 1, headed for a decline week over week.
Soybean oil futures were choppy on the week; The Oct-23 contract ultimately remained just under 65 cents per pound.
The Pro Farmer tour released their national yield estimates with 172 bushels per acre for corn and 49.7 bushels per acre for soybeans. Soybean yields are under stress and may struggle to hit USDA’s August estimate of 50.9 bushels per acre.
Sep. 1 was the first day of the 2023/24 crop year for soybeans. The marketing year for soybean oil and soybean meal begins Oct. 1.
Soybean export sales totaled 35 million bushels in the last week of August, bringing up total sales to 509 million bushels, still well below last year’s numbers, but pace has picked up.
Weather remains dry and is turning very hot once again in the Midwest this weekend and into next week. This very dry end to the growing season is going to stress crops but lead to an earlier harvest.
The full version of this commentary appeared on our IQ platform Sep. 1, 2023. Further information, statistics, and pricing for the soy complex are available to IQ subscribers. Learn more about becoming a subscriber.
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