Soybeans Rally Back on Monday

Bean futures recovered some of their Friday selloff with Monday gains of 7 1/4 to 9 1/4 cents to start the new month. Soymeal prices turned positive through the day and closed a net $1.20 to $2.40 higher. BO futures were up by 153 to 178 points on the day. 

The weekly Crop Progress report from NASS had 81% of soybeans dropping leaves vs. 63% last week and 79% at this point on average. The 22/23 soybean harvest reached 22% complete, compared to 25% on average. Harvest in IL and IN trail their average pace with 10 and 17% complete compared to 26 and 23% on average respectively. Iowa had 26% of their beans out as of 10/2, compared to 24% on average and South Dakota had cut 30% compared to 25% normally. Conditions when converted to the Brugler500 Index were 2 points lower at 342. That was reflecting a 17 point drop in KS alone. 

The monthly Fats and Oils report showed 175.05 mbu of soybeans were processed in August. That was down from 181 mbu in July, but up from 168 in August, setting a new record for the month. The trade average guess was 175.6 mbu going in. The 2021/22 MY used 2.203 billion bushels of soybeans for meal and soy oil production, that was just 2 mbu below the latest WASDE figure – but was still a record. The monthly update also had 2.12b lbs of soybean oil – down from 2.228b last month and even with the trade average guess. 

Weekly Inspections data showed 575,220 MT of soybeans were shipped during the week that ended 9/29. That was up from 291k MT last week, but down 274,336 MT (33%) from the same week last year. Germany, Algeria, and Mexico were the week’s top destinations. Accumulated exports reached 1.781 MMT through 9/29, compared to 1.84 MMT last season. 

Brazil reported September soybean exports were 4.294 MMT, compared to 4.827 MMT in Sep ’21. 

Nov 22 Soybeans  closed at $13.74, up 9 1/4 cents,

Nearby Cash   was $13.24 1/8, up 8 3/4 cents,

Jan 23 Soybeans  closed at $13.84, up 8 1/2 cents,

Mar 23 Soybeans  closed at $13.91 3/4, up 8 1/2 cents,