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Soybean futures are trading higher at midday with the August contract up more than 15 cents, but the Nov contract is unchanged. Front month meal futures are currently trading $4.70 higher. This morning private exporters reported to the USDA export sales of 225K MT of soybean meal to unknown destinations for delivery in 2014/15. Another sale of soybean meal was reported for 2014/15 delivery, this one to Vietnam, totaling 180K MT. USDA also reported an export sale for 20K MT of soybean oil slated for unknown destinations in 2014/15. Funds were estimated to be net sellers of roughly 7,000 beans and 3,000 lots of meal yesterday. The US needs to export roughly 43 million bushels of soybeans in the next 7 weeks to meet the USDA forecast for the year (not counting the discrepancy between Census data and Inspections). USDA reported on Monday night that 60% of the soybean crop is blooming, ahead of the 56% average for this date. Soybeans in the pod setting stage were reported at 19% versus the five year average of 17%.
Aug 14 Soybeans are at $11.91, up 15 1/4 cents,
Sep 14 Soybeans are at $10.95 1/4, up 3 3/4 cents,