Beans Bounce on Monday

Soybeans rallied a sharp 1.5% to 2.6% to start the week, though soy oil’s 3.2% gains led the complex. Soybean oil prices were 138 to 150 points higher with, though July was 31 points under the session high at the close. Soymeal prices were up by $3.10 to $3.40 on Monday. Soybean gains in new crop were capped at 22 cents, as Nov stayed under the $12/bu mark. July beans ended the session up by 34 cents and just 3 cents under the day’s high. 

USDA’s NASS reported soybean planting advanced 17% points through the week to 66% complete as of 5/21. The average pace would be 52% planted. The weekly report had 84% of IA soybeans in the ground, compared to 66% on average. IL pace remains ahead of normal with 85% planted compared to 58% on average. MO is also 37% points ahead of average with 74% complete. Planting in MN and ND remain behind their respective 5-yr average pace. National emergence reached 36%, compared to 20% last week and 24% on average. 

USDA announced a private export sale of 225k MT of soymeal to Philippines for 22/23 delivery.

USDA’s weekly Export Inspections data had 155,051 MT of soybean exports for the week that ended 5/18. That was down from 187k MT last week and from 582k MT during the same week last year. USDA added 39k MT to past reports for a season total of 48.199 MMT. The full year total at the same point last season was 49.146 MMT. 

China reported 5.3 MMT of soybeans were imported from Brazil during April. That was down 16% yr/yr. U.S. sourced soybean imports were tallied at 1.82 MMT for April, an 11% increase yr/yr. 

Brazil’s Safras and Merado expects the 2022/23 soy harvest is 155.66 MMT, now that harvest is complete. 

Jul 23 Soybeans  closed at $13.41 1/4, up 34 cents,

Nearby Cash   was $13.22 1/2, up 33 1/2 cents,

Aug 23 Soybeans  closed at $12.75 1/2, up 27 1/2 cents,

Nov 23 Soybeans  closed at $11.97, up 21 1/2 cents,