
Continuation from Monday’s strength led the bean market another 9 1/2 to 15 cents higher by the close. November got up to $13.95 at the day’s high. Soymeal prices were $2.60 to $3.80/ton in the red on the day, leading the Dec contract to just $1.50 above the $400/ton mark. Front month soy oil futures went home 143 to 175 points higher on the day.
Barchart announced their revised soybean yield and output as 52.9 bpa and 4.762 bbu. That was up 10 mbu on a 0.10 increase in their Soybean Yield. Following their prior update Barchart retracted the estimate citing data errors. The StoneX soybean yield was listed as 51.3 bpa for a 4.442 bbu output. At the state level, StoneX sees NE beans yielding 51.5 bpa, IA yields of 62 bpa, and ECB yields from 57 to 65 bushels per acre.
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. Conditions when converted to the Brugler500 Index were 2 points lower at 342.
Brazil has sown 4.5% of soy area according to Safras and Mercado. That is up from the 3.1% average pace and carries an initial output projection of 151.5 MMT. The Argentine
Nov 22 Soybeans closed at $13.83 1/2, up 9 1/2 cents,
Nearby Cash was $13.33 1/4, up 9 1/8 cents,
Jan 23 Soybeans closed at $13.93 1/2, up 9 1/2 cents,
Mar 23 Soybeans closed at $14.01 1/2, up 9 3/4 cents,