Soybeans are trading up by as much as 9 ½ cents into the day session. BO is also back up by triple digits, while meal is working $1-$2/ton lower this morning. Bean 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.
The weekly Export Sales report showed 365k MT of old crop soybeans were sold during the week that ended 8/17, above expectations. 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. 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.
A southwest Georgia farmer, Alex Harrell has set a new world record for soybean yield, getting a verified 206.7997 bushels per acre on Aug 23. The yield was on a 10-acre plot micromanaged within a 60-acre field. The previous world record of 190.23 bushels per acre was grown in 2019 by another Georgian, Randy Dowdy.
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 fourth day of the Pro Farmer Crop Tour showed an Iowa average soybean pod count at 1,190.41 in a 9 square foot area, a 1.36% increase from last year, and 0.92% above the 3-year average. The Tour average for Minnesota was 984.39 pods per square, down a sharp 10.57% from last year and down 8.11% below the 3-year average.
Sep 23 Soybeans closed at $13.65 3/4, up 6 1/4 cents, currently up 7 3/4 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, currently up 9 cents
Jan 24 Soybeans closed at $13.83 1/2, up 12 1/2 cents, currently up 8 1/2 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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