So far for Tuesday trading, the soybean futures complex is rallying another double digits. Prices are up 22 to 43 3/4 cents so far on 1.9-2.3% gains. Meal prices are up double digits as well with gains of as much as 3.8%. BO is left behind again for Tuesday, though the board is up by as much as a half percent.
NASS’s Crop Progress update had seen 64% of soybeans blooming and 26% setting pods as of 7/24. Those compare to 69% and 34% on average respectively. As for the national condition ratings, NASS field agents saw 59% of the crop in the Good/Ex categories – down from 61% last week. That converts to a 355 on the Brugler500 Index, compared to 358 last week. At the state level, there were minor improvements for IL, IN, and OH to 364, 332, and 348 respectively. IA was down 5 points through the week to 385.
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.
Aug 22 Soybeans are at $15.12 3/4, up 39 3/4 cents,
Nearby Cash is at $15.16 5/8, up 36 7/8 cents,
Sep 22 Soybeans are at $13.83, up 27 cents,
Nov 22 Soybeans are at $13.69, up 23 cents,
New Crop Cash is at $13.15 3/8, up 20 3/8 cents,
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