Soybeans Rally Sharply to Start the Week

Soybean futures gapped higher out of the 3-day weekend and proceeded to rally 12 3/4 to 22 1/4 cents on the day, closing near their highs. Soymeal futures were also higher on the day with March getting peeking at the $500s. At the close futures were $6.10 to $6.70 in the black. Soybean oil futures ended the session with triple digit gains of as much as 126 points. 

Canadian Canola Prices were also sharply higher on the day with 1.2% to 1.4% gains to their highest levels since Jan 18th.

Weekly Inspections data revealed 1.578 MMT of soybeans were exported during the week that ended 2/16. That was down from 1.69 MMT last week but was 533k MT above the same week last year. China was the top destination for the week with over 1 MMT. USDA also added 268k MT of exports to past reports (including 183k MT to China), for a season total of 41.387 MMT shipped through 2/16. 

Brazil’s AgRural reported soybean harvest reached 25%. That was 8% points further along through the week, but still trails the fast 33% pace last season. Mato Grosso is now thought to be over 50% harvested by some observers. 

Low temperatures in Cordoba and San Luis provinces of Argentina dipped to -1 to +2 Celsius over the weekend. Soybeans are vulnerable at that temp, and there were some internet pics showing wilting and frost damaged soybeans in those locations. The 10-day forecast calls for a return to above average temps for the period. 

Mar 23 Soybeans  closed at $15.48 3/4, up 21 1/2 cents,

Nearby Cash   was $15.04 3/4, up 21 1/8 cents,

May 23 Soybeans  closed at $15.44, up 21 3/4 cents,

Jul 23 Soybeans  closed at $15.36 3/4, up 22 1/4 cents,