Double Digit Bean Rebound into Labor Day

Following a sharp drop through the week, soybean futures are firming up into the extended weekend with 17 3/4 to 35 cent gains at midday. Meal prices are working $1.40 to $2.30 lower through midday. BO futures are rallying back 3.5% to 3.6% on a triple digit bounce. USDA reported cash B100 prices were $6.90/gal in IL and $6.83 in MN through the week. That was a 27c/gal increase for MN. 

StoneX estimates the national average soybean yield at 51.8 bpa.

The NASS Fats and Oils report showed 181.3 mbu of soybeans were processed in July. That was up 9% from July ’21 and compares to 174.06 mbu crushed in June. Analyst expectations averaged 180.5 mbu going into the report. The report had soy oil stocks listed at 2.228b lbs, down from 2.315b in June and close to the trade average guess. 

South Korea is tendering for 30k TM of non-GMO soybeans. 

Brazilian data showed 6.16 MMT of beans were shipped in August. That was down from 6.48 MMT during the same month last year. 

Sep 22 Soybeans  are at $15.07 3/4, up 35 cents,

Nearby Cash   is at $13.90 3/4, up 27 1/8 cents,

Nov 22 Soybeans  are at $14.19 3/4, up 25 cents,

Jan 23 Soybeans  are at $14.24 1/4, up 24 1/2 cents,