Soy Market Red into Tuesday

The front month soy futures market is set to begin the day portion of Turnaround Tuesday. Beans are fading by 14 to 18 cents, with meal down by $1.50 to $2/ton and BO red by 104-112 points. Yesterday, beans ended the day about a dime off the day’s highs but still 37 to 38 1/2 cents higher. Soymeal futures closed $3.50 to $5/ton in the black. Soybean oil led the way with 4.7% to 5.2% gains of as much as 312 points in the front months. 

CME Synthetic Soy Crush  was shown as $1.60/bu after a 3/4 cent stronger margin. Our in-house formula, which uses a slightly favorable but still low oil yield, had the crush at $2.57/bu after a 12 cent gain. 

The weekly Crop Progress report had 48% of the crop blooming and 14% setting pods as of 7/17. Those each compare to 32% and 6% last week and are 7% and 5% behind the 5-yr averages. Beans in IL and SD trail their respective average pace by 14% points and 21% points respectively. Soybean condition ratings fell 3 points on the Brugler500 Index from last week nationally to 358. That is still 1 point better than the same week last year. 

Weekly inspections data had 362,622 MT of soybean exports for the week that ended 7/14. The MYTD soybean export reached 52.538 MMT through 7/14 according to the weekly data. That is still down 9.3% yr/yr. 

Aug 22 Soybeans  closed at $14.97 1/4, up 31 1/4 cents, currently down 17 3/4 cents

Nearby Cash  was $15.30 1/4, up 31 1/4 cents,

Sep 22 Soybeans  closed at $13.96 3/4, up 37 1/4 cents, currently down 16 cents

Nov 22 Soybeans  closed at $13.80 1/4, up 38 cents, currently down 16 3/4 cents

New Crop Cash  was $13.30 5/8, up 39 1/8 cents,