Soybeans are currently trading 9 to 15 cents higher. Meal and oil are also stronger going into the day session. The soy complex rallied on Turnaround Tuesday. Beans were higher by 4 to 5 1/2 cents going home – with Nov over the $13 mark. Soymeal futures ended the day mixed within $2 of UNCH. Soybean Oil futures were 7 to 10 points weaker at the bell, but were 190 points off their session lows.
There were again zero deliveries vs. August meal or BO overnight. Only two contracts were put out vs. soybeans, stopped by Dreyfus.
Chinese Customs data showed 9.73 MMT of bean imports for July. That took their YTD total to 62.3 MMT, a 15% increase from 2022’s volume. The US total for Jan-June to all destinations was 21.4 MMT.
Brazil’s Safras and Mercado reported 76% of the 22/23 soybean crop has been sold, compared to 80% last season and 84% on average. Sales for 23/24 delivery were marked at 14% compared to 24% on average.
Analyst estimates for USDA soybean yield range 50.5 bpa to 52, with 51.4 bpa representing the average. USDA was at 52 bpa for their July WASDE. The average guess for total soybean production is down 38 mbu from July to 4.252 billion.
Aug 23 Soybeans closed at $14.30, up 15 1/2 cents, currently up 15 1/2 cents
Nearby Cash was $13.10 1/4, up 3 5/8 cents,
Sep 23 Soybeans closed at $13.53 1/2, up 5 1/4 cents, currently up 9 3/4 cents
Nov 23 Soybeans closed at $13.06, up 4 cents, currently up 10 1/4 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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