Beans Extending Rally

So far through Tuesday the soybean market is up by 15 to 22 cents in the front months and setting at the highs for the session. November is still 16 1/2 cents under the $15/bu mark. Soybean meal futures are again leading the way with another +3% rally so far. BO futures are in plus territory at midday on 39 to 43 point gains. 

The late Sep soybean production outlook from Barchart was raised 97 mbu to 4.722 bbu. That came by way of a 1.08 bpa stronger yield of 52.5 bushels per acre. At the state level, Barchart has IA fields yielding 63.55 bpa with 62.33 in IL. Nebraskan beans were forecasted at 54.2 bpa, compared to 58.9 in IN and 50.2 in MN. The USDA yield from the Sep Crop Production report was 50.5 nationally and 59 for IA, 64 for IL, 52 in NE, 60 flat in IN and 50 flat in MN. 

USDA Weekly Crop Progress data showed 42% of beans were dropping leaves around the country’s top 18 states. NASS compared that to 22% last week and 47% on average. The 22/23 bean harvest reached 3% completed nationally. The average pace would be 5% by 9/18. Soybean conditions converted to a 344 on the Brugler500 Index, down 3 points wk/wk. 

Nov 22 Soybeans  are at $14.83 1/4, up 21 1/2 cents,

Jan 23 Soybeans  are at $14.88 1/2, up 21 cents,

Mar 23 Soybeans  are at $14.89 3/4, up 20 1/2 cents,