Beans Posting Strong Overnight Gains

Soybeans are up 35 to 37 ¼ cents following the overnight session as buying is coming in following the collapse around the holiday. November soybeans printed a wide 40 cent range after trying both sides of the open. Futures initially went for a bounce back, but ultimately closed mid range on 1 to 7 1/4 cent front month gains. Soymeal futures closed the day with $1.90 to $9.80/ton gains. Soybean oil futures fell another 1.5% to 1.8% on the day after Tuesday’s limit drop. 

Malaysian Palm Prices  set new calendar year lows in the August contract, back to 3,900 ringgits/MT. At the high print from April 29th, August palm was 6,800 ringgits. 

Brazil’s CONAB trimmed 0.22 MMT from the country’s 21/22 soybean crop production estimate, taking it to 124.05 MMT. 

Jul 22 Soybeans  closed at $15.80 1/4, up 5 cents, currently up 37 ¼ cents

Nearby Cash  was $14.76 7/8, up 9 cents,

Aug 22 Soybeans  closed at $14.46 1/2, up 7 1/4 cents, currently up 37 ¼ cents

Nov 22 Soybeans  closed at $13.22 3/4, up 6 3/4 cents, currently up 35 ¾ cents

New Crop Cash  was $12.73 5/8, up 7 1/8 cents,