Soybeans are kicking off Wednesday morning with gains of 4 to 9 cents. Soybeans gave back some early gains as bears defended their lop sided net short position, but closed higher on Tuesday. Futures were up 1 ¼ to 4 cents at the close, as front month August posted a 12 ½ cent rally. CME indicated that soybean open interest rose 2,729 contracts to reach a one month high. Soymeal futures settled the session with gains of $1.60 to $2.90/ton. Soy Oil futures were up 2 to 28 points in the nearbys, with deferreds down 4 to 11 points.
The cmdtyView cash soybean price index as of Tuesday evening was $10.60 ¼, with the national basis level 30 ¼ cents under the August board. That is the tightest basis since last August but is still worse than the 2 ½ basis level under August for the same day last year.
Crop Progress data soybean condition ratings unchanged at 68% good/excellent, with a 1% shift from excellent to good taking the Brugler500 index down 1 point to 370. There was some shifting among the major states, as IL was up 10 points, with ND 8 higher, MO up 3 and IN improving 2. Ratings in IA were down 8 points, with OH deteriorating 13 points, and MN down 4.
ABIOVE, the Brazilian crusher association, put it’s Brazilian bean crop estimate at 153.2 MMT, actually slightly above USDA. CONAB is still down at 147.34 MMT, so there is some disagreement within Brazil about crop size!
Aug 24 Soybeans closed at $10.90 1/2, up 12 1/2 cents, currently up 8 3/4 cents
Nearby Cash was $10.60 1/4, up 15 1/4 cents,
Sep 24 Soybeans closed at $10.37 3/4, up 4 cents, currently up 4 cents
Jan 25 Soybeans closed at $10.58 3/4, up 3 3/4 cents, currently up 4 cents
New Crop Cash was $9.89 1/2, up 3 3/4 cents,
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