Soybeans Posting Double Digit Gains

Soybean futures are rallying another 18 to 23 ¾ cents in the new crop contracts on Wednesday, with front months up 34 ½ to 42 ¾ cents. The product values are continuing to support the complex, with meal up $12.60/ton and bean oil 134 points higher. 

USDA reported another export sale of 196,000 MT of soybeans to China for new crop shipment this morning. That is the second sale reported this week as new crop buying is picking up.

The average trade guess ahead of the Thursday Export Sales report is for net reductions of 100,000 to net sales of 200,000 MT of old crop beans. In the week ending on August 4th, new crop sales are seen at 300,000 to 700,000 MT. Meal sales are expected to range 125,000-525,000 in combined sales, with bean oil at 0-22,000 MT,. 

A survey of analysts by Bloomberg showed old crop soybean stocks estimated at 225.6 mbu, a 10 mbu jump from the July USDA number. New crop is seen down just 5 to 225 mbu.

Aug 22 Soybeans  are at $17.27 3/4, up 34 1/2 cents,

Nearby Cash   is at $15.03 3/4, up 24 cents,

Sep 22 Soybeans  are at $15.55, up 42 3/4 cents,

Nov 22 Soybeans  are at $14.52 1/2, up 23 3/4 cents,

New Crop Cash   is at $14.00 3/4, up 23 3/4 cents,