Soybean Futures Higher

Soy prices are trading higher with 11 cent gains in the beans with $4 stronger meal and 10 point gains in BO in early Tuesday action. Bean futures settled about a dime below their daily highs on Monday, but still up 3 3/4 to 7 1/2 cents for the day. Soymeal futures rallied by $8.60 to $10.60 per ton on the board. Front month Bean Oil prices faded by 24 to 31 points for the day.  

The Crop Progress report indicated 56% of the soybean acreage was blooming and 20% setting pods, 5% points and 3% points above their respective 5-year averages. Crop ratings were up 4% to 55% good/excellent, which along with the other categories brought the Brugler500 index 7 points higher to 346.

The Export Inspections data showed 155,556 MT of soybean shipments for the week that ended 7/13. That was down from 300k MT last week and 440k MT during the same week last year. The season’s total was 49.889 MMT as of 7/13, lagging the 52.68 MMT a year ago. 

The monthly NOPA report showed 165.02 mbu of soybeans crushed by members during June. That was 7.25% below last month (one less day) and up 0.21% from last year but shy of 2020’s record.  Member soy oil stocks at 1.69 billion lbs, were well below trade expectations. 

Safras and Mercado released their initial estimates for Brazil’s 2023/24 production, showing 45m HA (+2.5%) of area producing 163.2 MMT. 

Aug 23 Soybeans  closed at $14.84, up 3 3/4 cents, currently up 11 1/2 cents

Nearby Cash   was $14.82 7/8, up 1 5/8 cents,

Sep 23 Soybeans  closed at $14.07 1/4, up 7 1/2 cents, currently up 12 cents

Nov 23 Soybeans  closed at $13.78, up 7 1/4 cents, currently up 11 1/2 cents