Soybeans Post Gains, as Bean Oil Leads the Charge

Austin Schroeder Barchart Tue Sep 16, 5:10PM CDT
Rows of soybean crop by Olga Seifutdinova via iStock

Soybeans rounded out the Tuesday session with contracts up 7 to 8 cents across the front months. The cmdtyView national average Cash Bean price was up 6 1/2 cents at $9.73 1/2. Soymeal futures were down a dime to 80 cents, with Soy Oil futures posting 59 to 93 point gains. Earlier today, EPA proposed adding additional volumes to RFS mandates for upcoming years to reallocate volumes from the SREs granted for 2023 and 2024. Current proposals are for 50% or 100% reallocation with a 45 day public comment period.

Weekly NASS Crop Progress data indicated 5% of the US soybean crop harvested by 9/14. 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 parts of KS and MO up through 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. September exports out of Brazil are expected to total 7.53 MMT, which is 0.1 MMT above their estimate last week.

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

Nearby Cash  was $9.73 1/2, up 6 1/2 cents,

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

Mar 26 Soybeans  closed 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.