Monday Beans Close Off Highs, Still Up +30 Cents

Soybean futures rallied over 30 cents out of the weekend. The board faded a few cents after 1:10 CDT, though prices were still up 31 1/4 to 38 1/4 cents. Soymeal prices also rallied over 2% with double digit gains of as much as 3.26%. Soy oil futures closed 65 to 87 points in the black on the day too. 

NOAA’s 7 day QPF shows some expected 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 but saw a lot of rain over the weekend. 

NASS’s weekly Crop Progress report showed 97% of beans were blooming at the national level which matched the average. The weekly update also had 84% of the crop setting pods, which is 2% points behind the average pace. Bean conditions were 3 points lower than last week on the Brugler500 index to 350. Arkansas, IL, and KS were down the most from last week.  

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  closed at $15.27, up 38 1/4 cents,

Nearby Cash   was $14.73 1/4, up 30 5/8 cents,

Nov 22 Soybeans  closed at $14.35 1/4, up 31 1/4 cents,

Jan 23 Soybeans  closed at $14.42, up 31 1/4 cents,

New Crop Cash   was $13.82 3/8, up 31 1/2 cents,