Soy Gaining for Tuesday

Morning soy futures are rallying on follow through so far for the Tuesday session. Beans are up 6-15 cents, meal is gaining another $3/ton, and BO is 18-34 points stronger. Yesterday, 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. Preliminary open interest showed a slug of net new buying, rising 9,461 contracts on the day. 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. 

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, currently up 16 cents

Nearby Cash   was $14.73 ¼ on Monday, up 30 5/8 cents,

Nov 22 Soybeans  closed at $14.35 1/4, up 31 1/4 cents, currently up 10 1/4 cents

Jan 23 Soybeans  closed at $14.42, up 31 1/4 cents, currently up 8 1/4 cents

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