Soy Futures Rally Presses On

Beans and soy oil look to take control of the rally after the Monday and Tuesday rounds were mostly meal led. Currently beans are up double digits of as much as 29 cents in the August contract. BO is up triple digits, while meal is trading $1.60 in the red to $2.60 in the black. Soybean futures were 31 1/2 to 59 3/4 cents higher on Tuesday, led by now option-less August. FND for August futures deliveries is Friday, although none are expected. Sep beans got above the $14/bu mark but settled just a fraction under. Red Nov was up 22 1/4 cents to $12.91. The Tuesday meal rally took the front months to new life of contract highs. At the close, they were 4.75% to 5.56% in the black, with ~$20/ton gains. August meal is up $40.90/ton in two days! Soybean oil was the laggard of the complex, but still ended the day with 42 to 47 point gains. 

Safras and Mercado estimated the 22/23 Brazilian soy exports at 91.5 MMT, compared to the drought reduced 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  closed at $15.32 3/4, up 59 3/4 cents, currently up 27 cents

Nearby Cash  was $15.33 ½ on Tuesday, up 53 3/4 cents,

Sep 22 Soybeans  closed at $13.99 3/4, up 43 3/4 cents, currently up 13 1/4 cents

Nov 22 Soybeans  closed at $13.83 3/4, up 37 3/4 cents, currently up 14 1/2 cents

New Crop Cash  was $13.29 ½ on Tuesday, up 34 3/8 cents,