Double Digit Rally for Soy Futures

Soy futures rallied to start the week. Beans settled the day with 1.4% to 1.7% gains of +20 cents. Soymeal futures went home up by $3.40 to $4.50/ton. Front month Soybean Oil futures closed up by 207 to 259 points.  

The weekly Crop Progress report had 70% of beans blooming as of 7/23. That was up from 56% last week and compares to 66% on average. NASS data had 35% of the crop setting pods, 4ppts ahead of average. Soybean conditions were shown at 4-10-32-46-8% in the report, for a Brugler500 score of 344. That was 2 points lower on the week, noting a 4ppt drop in VP, a 1ppt lower G and 3% point increase for fair. By state, MN, MO, NC, ND, and TN all dropped by double digits on their Brugler500 scores from last week. 

USDA’s weekly Export Inspections data showed 283,378 MT of soybeans were shipped for the week that ended 7/20. That was up from 160k MT last week but was below the 403k MT from the same week last year. Germany was the week’s top destination. USDA reported the full year bean export total at 50.177 MMT, compared to 53.09 MMT last year.  

Aug 23 Soybeans  closed at $15.23 1/4, up 22 1/4 cents,

Nearby Cash   was $14.98 3/4, up 21 1/4 cents,

Sep 23 Soybeans  closed at $14.53 1/4, up 24 1/4 cents,

Jan 24 Soybeans  closed at $14.30 1/2, up 22 1/4 cents,