Commodities
Soybean Prices Surge on Meal Rally Amid Rain-Hampered Harvest
Soybean prices are rising due to meal gains in the market.
The cmdtyView national average Cash Bean price has increased by 10.75 cents, reaching $12.56.25 as of Tuesday.
The rally is led by Soymeal futures, which have surged between $8.10 and $7.50, while Soy Oil prices are up by 12 to 20 points across the front months.
A recent Crop Progress report from NASS showed that 44% of the US soybean crop has dropped leaves as of Sunday, with harvest at 6% complete, ahead of the average pace of 3%.
However, a significant amount of rain in the Eastern Corn Belt may hamper harvest operations in the near term. Brazil's soybean crop was estimated to be around 180.4 million metric tons, down just 0.06 MMT from last month, according to CONAB.