Beans Rally +30 Cents

September soybean futures are up over 40 cents so far through Monday with the other front months gaining 28 to 30 cents at midday. Meal prices are also on the rally out of the weekend with 2.9% to 3.3% gains. Soybean oil futures are up triple digits as well, keeping the crush margins in quite profitable territory. 

NOAA’s 7 day QPF shows some rainfall accumulations in the North. Minnesota is expected to get 1/4” to 1 3/4” of rain through the week, with some precip extending southward into OK. The ECB leans drier in the forecast. 

Analysts’ expectations for tonight’s Crop Progress report are for steady to improved soybean conditions – near 58% good/ex.  

USDA reported 686,583 MT of soybeans were shipped during the week that ended 8/18 in the weekly Inspections report. That compares with 768k MT last week and 240k MT during the same week last year. The USDA also went back to January to add shipments to past reports, the total was just a light 8.5k MT, with another 24k MT added to August’s data (32,296 MT total). They were smaller entries mostly to Malaysia, Indonesia, Thailand, and Vietnam. That took the accumulated soybean export to 55.994 MMT through 8/18 – last year’s program was 59.013 MMT. 

Sep 22 Soybeans  are at $15.32 1/4, up 43 1/2 cents,

Nearby Cash   is at $14.73 3/8, up 30 5/8 cents,

Nov 22 Soybeans  are at $14.32 3/4, up 28 3/4 cents,

Jan 23 Soybeans  are at $14.39 1/4, up 28 1/2 cents,

New Crop Cash   is at $13.80 1/1, up 29 1/8 cents,