Double Digit Gains for Soybeans

Soybean futures were 6 ¼ cents higher in Sep, but were up by 10 ½ to 12 ¾ cents in the other front months. The Soymeal market led the way with double digit gains of over $11/ton to new highs for the month. Soybean Oil futures were the complex’s weak link by 61 to 79 point losses on the day. 

NOAA’s updated 5-day QPF has rain for S.W. NE through KS into MO and AR. Accumulations remain light, near 1”. The rest of soy growing areas will see 1/10th to 1/4” through the weekend. 

The weekly Export Sales report showed 365k MT of old crop soybeans were sold during the week that ended 8/17. That was 3x as much as the same week last year and above the estimated range. USDA also had 1.952 MMT sold for new crop delivery which was near the top end of estimates. Old crop total shipments were at 51.52 MMT (1.893 bbu) according to the weekly data, and new crop forward commitments were at 11.8 MMT (434 mbu). 

Soymeal bookings were reported at 71k MT for old crop and 202k MT for new crop. Canada and Mexico were the top buyers for 23/24 delivery. In BO, the FAS data showed 1,806 MT were sold for 22/23. Total soy oil commitments were 129,843 MT as of 8/17. 

StatsCan reported 961.7k MT of canola was processed in July – the most since March. Canadian Canola Prices were off their highs at the close, but still gained $3.60 CAD/MT.

The third day of the ProFarmer Crop Tour showed an Illinois average soybean pod count at 1,270.80 in a 9 square foot area, a 1,69% increase from last year, and 0.94% above the 3-year average. Participants in western IA found an average of 1,137 pods per square, down 9.25%% from last year and up 15.15% vs. the 3-year average.

Sep 23 Soybeans  closed at $13.65 3/4, up 6 1/4 cents,

Nearby Cash   was $13.60 3/4, up 9 1/4 cents,

Nov 23 Soybeans  closed at $13.71 3/4, up 11 1/4 cents,

Jan 24 Soybeans  closed at $13.83 1/2, up 12 1/2 cents,