Soy Market Mostly Higher

Soymeal is doing the leg work so far for the Monday soy rally. Meal prices are trading at new highs for the day on 3.5% to 4% gains of ~$15/ton. Soybean futures are also up 25 to 30 cents in the front months for a 2.3% gain in Nov. BO futures are off their lows at midday, but still down by 0.02% to 0.14%. 

Weekly Inspections data had 388,212 MT of soybeans were exported through the week that ended 7/21. That was down from 437k MT last week but was up by 145,973 MT yr/yr. Mexico was the top destination. Accumulated exports reached 53 MMT according to the report, trailing last year’s pace by 8.9%. 

Safras and Mercado estimated the 22/23 Brazilian soy export at 91.5 MMT, compared to old crop’s 77.2 MMT projection. That does come via a 18% production boost yr/yr with their 22/23 output figured at 154.53 MMT. 

The IGC reduced their global soybean production idea by 4 MMT to 390. That is still up from 351 MMT last year. Ending stocks were 2 MMT tighter @ 54 MMT. Last year’s carryout was 43 MMT. 

Aug 22 Soybeans  are at $14.63 3/4, up 29 1/4 cents,

Nearby Cash  is at $14.72, up 25 1/8 cents,

Sep 22 Soybeans  are at $13.54 1/4, up 26 3/4 cents,

Nov 22 Soybeans  are at $13.43 1/2, up 27 3/4 cents,

New Crop Cash  is at $12.91 1/2, up 26 cents,