Soybean Futures Up 10 to 15 Cents Per Bushel Overnight

Soy futures start the Wednesday session with 10 to 15 cent per bushel gains. Yesterday BO futures captured crush value as meal dropped double digits. Soybeans rallied double digits off their intra day lows but were still down 8 1/2 to 9 3/4 cents at the bell. Meal futures pulled back $13.10 to $15.50/ton on Tuesday. BO closed with gains of 50 to 62 points in the front months. 

The weekly inspections data showed 1.72 MMT of soybeans were shipped during the week that ended 1/13. Accumulated bean shipments reached 33.45 MMT, which is 23% under last season’s pace. The USDA’s forecast is for a 9.5% drop in bean shipments yr/yr. 

December NOPA soybean crush was 186.438 mbu. That was record large, surpassing 185.245 mbu in October 2020. BO stocks were reported at 2.031 billion lbs, which was the most since April of 2020 and above the trade average guess. 

Brazil’s AgRural reported the 2021/22 bean harvest at 1.2% complete as of Jan 13. That is up from 0.4% last year and compares to 1.1% on average. 

Brazil has cancelled a planned increase in biodiesel blend rates scheduled for March. Instead of 14%, the blend rate for all of 2022 will be only 10%. This will free up more soy oil for other markets.

Mar 22 Soybeans  closed at $13.61 1/4, down 8 1/2 cents, up 15 ¾ this morning

Nearby Cash  was $13.19 5/8 on Monday, down 8 1/4 cents,

May 22 Soybeans  closed at $13.71, down 8 1/2 cents, up 15 ¼ this morning

Jan 23 Soybeans  closed at $12.84 1/2, down 9 3/4 cents, up 9 ½ this morning

New Crop Cash  was $12.25 ¾ on Monday, down 8 7/8 cents,