Soybean Futures Continuing Rally

Following a strong Monday showing, soy futures are another 5 to 9 1/2 cents higher in Tuesday morning activity.  At the close on Monday, the front months were 14 to 15 3/4 cents higher. Soymeal futures turned around in the afternoon and ended the day $0.20 to $1.60/ton higher. BO prices closed up by 126 to 131 points on Monday.  

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 exports 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 March 1 soy stocks. The range of estimates is from 1.6 billion to 1.91 billion bushels. Last season’s count was 1.932 bbu. 

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  closed at $14.42 1/4, up 14 cents, currently up 9 3/4 cents

Nearby Cash   was $14.13 5/8 on Monday, up 15 7/8 cents,

Jul 23 Soybeans  closed at $14.20 3/4, up 14 1/2 cents, currently up 9 1/2 cents

Nov 23 Soybeans  closed at $12.88 1/2, up 15 1/4 cents, currently up 7 1/2 cents