Beans Resume Following 4th of July

November soybeans saw a new high for the calendar year earlier in the trading session, but futures slipped nearly 40 cents to close. At the settle futures were 10 1/2 to 25 3/4 cents higher on Monday. Soymeal prices were red at the close, with losses of as much as $2.20/ton. Soy oil futures extended their limit rallies from Friday with 154 to 201 point gains. The market will re-open at 8:30 AM central on Wednesday. 

There were zero delivery notices vs. July meal, bean oil or soybeans overnight. The oldest soybean long is dated 3/8/23.   

Chinese #2 soybean futures were 0.7% higher on Tuesday after gapping higher to start the week. Soybean prices in China are working at 2-month highs. Their more active Dalian #1 Soybean Prices  were up 1.4% yesterday.  

The weekly Crop Progress report had 24% of the 23/24 soy crop blooming. That is up from 10% last week and is 4ppts ahead of average. NASS also showed 4% was setting pods, which is 2ppts ahead of average. As for conditions, the NASS ratings converted to a 337 on the Brugler500 Index, down 3 points from last week. Missouri, Louisianna, and Arkansas ratings fell the most, while IN, IA, MI, and MN improved. 

NASS reported crushers processed 189.28 mbu in May. That was a record for the month and up 4.6% from May ’22. The season’s crush reached 1.683 bbu through May, also a record, and is at 75.8% of USDA’s forecast with 3 months remaining. The Fats and Oils report also had 4.183m tons of soymeal production and 2.228b lbs of oil output for the month. Soymeal stocks, at 388.7k tons, were down 25% for the month. Soy oil stocks were shown as 2.836b lbs. 

The Rosario Grains Exchange reported Argentine crushers processed 6.4 MMT of soybeans through April and May, a 15-yr low for that period due to lack of supply. 

The weekly Export Inspections data had 250,055 MT of soybean exports during the week of 6/29. That was up from 146k MT last week, but was 44% lighter than the same week last year. 

Aug 23 Soybeans  closed at $14.67 3/4, up 25 3/4 cents,

Nearby Cash   was $14.98 5/8, up 31 3/8 cents,

Sep 23 Soybeans  closed at $13.77 1/2, up 22 cents,

Nov 23 Soybeans  closed at $13.53 3/4, up 10 1/2 cents,