Soybeans Post Losses on Monday, as NASS Reported Another Drop in Conditions

Market Overview - Soybeans are experiencing losses of 4 to 5 cents across most contracts, with futures down 13 to 14.5 cents on Monday [1] - The national average Cash Bean price decreased by 14.5 cents to $9.35 3/4 [1] - Soymeal futures fell by 70 cents to $4, while Soy Oil futures declined by 45 to 93 cents at the close [1] Crop Progress - 61% of the US soybean crop has leaves dropping, which is 1 percentage point ahead of the normal pace [2] - Harvest progress is at 9% complete, in line with the average pace [2] - Condition ratings for soybeans have declined by 2% to 61% good/excellent, with the Brugler500 index down 4 points to 358, now 4 points below the same week last year [2] Export Data - Export Inspections data indicates that 484,116 MT (17.79 million bushels) of soybeans were shipped in the week ending September 18, a decrease of 41.1% from the previous week and 2.9% below the same week last year [3] - Egypt was the top destination for soybean exports, receiving 141,244 MT, followed by Indonesia with 71,942 MT and the United Kingdom with 67,129 MT [3] - Total marketing year shipments have reached 1.57 MMT (57.68 million bushels) in the first 2.5 weeks, which is 25.9% larger year-over-year [3] Import Activity - Pakistan importers have purchased 180,000 MT of soybeans, expected to be of US origin [4] - Argentina has suspended its export tax on soybeans, soybean meal, and oil through the end of October [4] Futures Prices - November 25 Soybeans closed at $10.11, down 14.5 cents, with current trading down 4.5 cents [4] - Nearby Cash was at $9.35 3/4, down 14.5 cents [4] - January 26 Soybeans closed at $10.30 1/2, down 14.25 cents, and March 26 Soybeans closed at $10.47, down 13.75 cents, both currently down 4.5 cents [4]