Soybeans Rallying Double Digits through Midday

Front month soybean futures are trading 11 1/2 to 15 cents higher and are near their highs for the day at midday. The May contract has a 20 cent range thus, after initial overnight weakness. Soymeal futures are trading with midday losses of 30 cents to $1.50/ton. Soybean oil futures are rallying triple digits through midday.

Weekly Inspections data showed 888,707 MT of soybeans were exported during the week that ended 3/23. That was up from 720k MT last week and was 41% above the same week last year. The accumulated export reached 44.95 MMT as of 3/23 – compared to 43.47 MMT last year. 

Patria Agronegocios reported the Brazilian soy harvest reached 71% of expected area. That trails last year’s 77% pace. 

Ahead of the quarterly Grain Stocks report on Friday, analysts expect NASS will show 1.728 bbu for Q2 carryout. The range of estimates is from 1.6 billion to 1.91 billion bushels. Last season’s count was 1.932 bbu. The implied Q2 use off the average trade guess would be 1.294 bbu, compared to a Q2 demand of 1.205 bbu last season. 

Going into the Prospective Plantings report, the trade is looking for 88.3m 23/24 soybean acres. The full range of estimates we have seen is from 87.4 to 89.6 million. The USDA Outlook Forum had 87.5 million soy acres which matched last year. 

May 23 Soybeans  are at $14.39 1/2, up 11 1/4 cents,

Nearby Cash   is at $14.08, up 11 1/4 cents,

Jul 23 Soybeans  are at $14.17 1/2, up 11 1/4 cents,

Nov 23 Soybeans  are at $12.87 1/2, up 14 1/4 cents,