Soybeans Continue Rally into Tuesday

Soybeans are up 9 ½ to 17 cents in early Tuesday trading. Beans ended Monday double digit gains in the front months. November got above its $14/bu mark for the closing bell on a 1.39% gain. Meal futures rebounded late and closed with 0.6% to 0.7% front month gains. BO was the leader of the complex, noting both sunflower oil and sunflower seed shipments are among those in transit from Ukraine or are held up for inspection in Turkey. CBoT soy oil futures settled the day 2% to 2.2% higher. 

All 440 soybean contracts were redelivered against November beans overnight, with RJO clients still the main stopper. 

The 2022/23 soybean crop was 88% harvested as of 10/30 according to NASS. That was up 8% points through the week and is now 10% points ahead of average. Harvest in IL is now ahead of the average pace with 89% out compared to 83% normally. 

USDA reported 2.574 MMT of soybeans were exported during the week of 10/27. That sets the yearly total to 10.205 MMT through 10/27. Last year’s pace was 11.3 MMT. 

Traders surveyed anticipate the Fats and Oils report to show a September soy crush of 167.9 mbu. That would be up 2.3% yr/yr if realized. BO stocks are estimated at 1.976b lbs ahead of the data release on Tuesday afternoon. 

Nov 22 Soybeans  closed at $14.07, up 19 1/4 cents, currently up 17 cents

Nearby Cash   was $13.72 ¾ on Monday, up 23 1/2 cents,

Jan 23 Soybeans  closed at $14.19 1/2, up 19 1/4 cents, currently up 16 3/4 cents

Mar 23 Soybeans  closed at $14.27 1/2, up 18 1/2 cents, currently up 15 1/2 cents