Afternoon Bounce for Monday Soy Futures

Front month soy futures began the new week with strength overnight. Prices turned red by midday before ultimately closing mixed across the complex. Beans ended the 20-30 cent ranged session with 1 1/2 to 7 1/4 cent gains. Meal went home within $1/ton of UNCH. BO futures closed mostly red, with July dropping 66 points to the other futures’ closes of less than 20 points of UNCH. 

NASS data released after the close showed soybeans were 78% planted as of 6/5. That was up from 66% last week and trails last year by just 1ppt. planting in Louisiana had wrapped up, compared to 93% at the same time last year. Iowa, was 94% planted, with MI and NE each more than 95% done. North Dakota, the most delayed, was 41% planted as of 6/5 compared to 85% planted last year. National emergence was marked at 56% complete, compared to 59% last year. 

Weekly Export Inspections data showed 350,416 MT of soybeans were shipped during the week that ended 6/2. That was down from 403k MT last week but was above the 239k MT from the same week last season. Mexico was the week’s top destination. USDA’s weekly data had the MY accumulated shipment total at 49.853 MMT, down 7 MMT yr/yr. 

Indonesia set their export quota as 300k MT for palm oil exports. Reports on the wire signal that is ~5x domestic supply, and that 251 permits had been issued. 

Jul 22 Soybeans  closed at $16.99 1/4, up 1 1/2 cents,

Nearby Cash   was $16.65 1/4, up 2 1/2 cents,

Aug 22 Soybeans  closed at $16.35 3/4, up 2 cents,

Nov 22 Soybeans  closed at $15.33 1/2, up 6 1/2 cents,

New Crop Cash   was $14.79 1/2, up 6 1/2 cents,