Soybeans Higher on Tuesday Morning

Soybean futures are up 21 to 36 ½ cents following overnight action. They were up ¾ to 4 ¾ cents in the front 2 contracts on Monday, with the new crop months down 2 ½ to 9 ¼ cents. Meal futures were the weak spot of the values, with contracts down 40 cents to $6. Bean oil was up 26 to 61 points.

USDA’s weekly Export Inspections report tallied soybean shipments at 867,504 MT (31.88 mbu). That was well above the same week in 2021 and a 45.8% improvement over the week prior. China was the top destination at 249,869 MT, with Germany close behind at 237,810 MT.

Crop Progress data from NASS indicated 89% of the US bean crop blooming by Sunday, 1 faster than normal. The crop was also at 61% setting pods, 5% below the 5-year average pace. Condition ratings dropped just 1% to 59% gd/ex, with the Brugler500 index rating down 2 to 355 and matching where it was two weeks ago.

A Bloomberg survey puts the trade average guess for US soybean yield at 51.0 bpa, down 0.5 bpa from July.  The average estimate for new crop ending stocks is 224 million bushels. 

Aug 22 Soybeans  closed at $16.19 1/2, up 4 3/4 cents, they are up 36 ½ cents this morning

Nearby Cash  was $14.51 ½ on Monday, down 6 3/8 cents,

Sep 22 Soybeans  closed at $14.64, up 3/4 cent, they are up 31 ¼ cents this morning

Nov 22 Soybeans  closed at $14.00, down 8 3/4 cents, they are up 28 ¼ cents this morning

New Crop Cash  was $13.47 on Monday, down 8 7/8 cents,