Soy Futures Rally Back

Turnaround Tuesday trading has the front month soybean futures complex back up by 10 1/4 to 10 1/2 cents for midday. New crop futures are up more than 1% with November futures just a few cents under their LOC high. Soymeal prices are firm with 10 to 60 cent/ton gains. BO prices are up 79 to 83 points in the front months. 

The national average soybean basis is 44 cents under March according to cmdtyView data. That compares to -45 cents last year. WCB beans are 52 cents under, which is 8 cents firmer yr/yr, while the ECB average bean basis is 11 cents weaker at -32 cents. 

AgRural reported Brazil at 5% harvested for 21/22 soybeans. AgRural expects the total soy output to reach 133.4 MMT. 

Mar 22 Soybeans  are at $14.12 1/2, up 9 1/2 cents,

Nearby Cash   is at $13.68 1/1, up 9 1/2 cents,

May 22 Soybeans  are at $14.20 1/4, up 9 1/4 cents,

Nov 22 Soybeans  are at $13.21 3/4, up 14 1/4 cents,

New Crop Cash   is at $12.61 1/2, up 12 1/2 cents,