Soybeans closed out their strong overnight start on Monday with gains of 20 ½ cents in August to 32 ¾ in the November contract. Soymeal futures were up $7.10 to $9.40 per ton in the nearbys. Soy Oil futures settled with gains of 27 to 44 points on the day.
Dryness in the 7-day forecast and above normal temps in the 8-14 day outlook gave the market some support as we round out July and head to August.
The weekly Crop Progress update from NASS indicated 65% of the US bean crop blooming as of July 21, with 29% setting pods, both 5% ahead of normal progress. Soybean conditions were unchanged at 68% gd/ex, with the Brugler500 index remaining at 370.
USDA’s Export Inspections report from this morning indicated a total of 327,061 MT (12 mbu) in the week that ended on July 18, a 4-week high and 13.3% larger than the same week last year. The top destinations were Germany at 114,478 MT in shipments, with 89,863 MT headed to Indonesia. Marketing year to date exports have totaled 42.35 MMT (1.556 bbu), which is down 15.6% from the previous year.
Aug 24 Soybeans closed at $11.17 3/4, up 20 1/2 cents,
Nearby Cash was $10.92 1/4, up 20 3/4 cents,
Nov 24 Soybeans closed at $10.68 3/4, up 32 3/4 cents,
Jan 25 Soybeans closed at $10.83, up 32 cents,
New Crop Cash was $10.20, up 33 cents,
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