Double Digit Weakness in Beans

September soybean futures gapped lower after the August expiration and remains at a 30 cent loss through midday. The other nearby futures are trading 12 to 19 cents in the red so far. November is holding above the $13 mark. Soymeal quotes are 2.3% to 2.5% in the red with $9 losses. The midday BO market is the complex outlier with Soybean Oil futures working 48 to 59 points in the black. Canadian Canola Prices are up nearly 1% on $7 CAD/MT gains.

The updated cmdtyView Bean Yield from Barchart was raised 0.3 bpa to 50.75. At the state level: Barchart has IA yields 0.11 stronger to 57.78 (USDA @ 58), IL up 1/10th to 57.5 (62), NE shown as 59.7 (58), and MN at 48.6 bpa (49). Production was then upped by 2mbu to 4.392, compared to the USDA forecast of 4.205.

NASS reported 94% of the soy crop was blooming as of 8/13, 2% points ahead of the average development. The Crop Progress report had 78% setting pods, from 66% last week and 75% on average. Soybean conditions scored a 355 on the Brugler500 Index, a remarkable 10-point improvement to match the long term average. Only 3 of the 18 states worsened from last week, AR, LA, and NC. Illinois improved 20 points, MO by 17, MI and SD each by 14. Missouri is still the lowest of the 18 states at a 309 on the Index. 

NOPA members reported processing a record 173.3 mbu in July, coming in 2 mbu above the average trade guess. That was up from June’s 165 mbu crush and 3.1 mbu higher yr/yr. Bean oil stocks were reported at 1.527 billion lbs, 9.6% tighter than June.

China’s Customs data had 9.73 MMT of soybean imports for July, setting the YTD total at 62.3 MMT. That is 15% more than last year’s pace. 

Sep 23 Soybeans  are at $13.24 1/4, down 28 3/4 cents,

Nearby Cash   is at $13.07 1/2, down 17 7/8 cents,

Nov 23 Soybeans  are at $13.09, down 17 cents,

Jan 24 Soybeans  are at $13.19 1/4, down 15 1/2 cents,