Beans Rallying Double Digits

Soybeans shot nearly 20 cents higher on Monday night due to scattered frost/freeze damage to some Argentine bean fields over the holiday weekend. They are trading just off their highs but still 7 to 14 cents in the black so far this morning. US markets were closed on Monday due to President’s Day. Soybean futures were higher on Friday with fractional to 3 3/4 cent gains at the bell. The products weakened into the weekend with 30c/ton losses in meal and 40 point/lb losses in soy oil. For the week, March beans settled down by 15 1/4 cents but had seen their highest quotes since June on Monday. November was up by 7 1/2 cents wk/wk. 

USDA cited the week’s cash average B100 quote as $5.79 in IL and $5.64 in MN. 

Low temperatures in Cordoba province dipped to -1 to +2 Celsius over the weekend, a dramatic switch from triple digit F temps seen not long ago.  One map showed 4 reporting locations out of 40+ that were in negative territory (i.e. below 32 degrees F). Soybeans are vulnerable at that temp, and there were some internet pics showing wilting and frost damaged soybeans in those locations. 

South Korea’s NOFI is on the market for 60k MT of soymeal. 

Mar 23 Soybeans  closed at $15.27 1/4, up 3/4 cent, currently up 13 1/2 cents

Nearby Cash   was $14.83 7/8, up 3/4 cent,

May 23 Soybeans  closed at $15.22 1/4, up 1 cent, currently up 13 cents

Jul 23 Soybeans  closed at $15.14 1/2, up 1 1/2 cents, currently up 12 1/2 cents