Soybeans are trading mixed, with August down 1 ½ and other front months slightly higher on Tuesday morning to follow up Monday’s rally. Beans rallied sharply on Monday, with gains of 20 ½ cents in August to 32 ¾ in the November contract. That was a one week high for the Nov. Some short covering was noted, as preliminary OI dropped 3,843 contracts despite the big price advance. 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 toward August.
The weekly Crop Progress update from NASS indicated 65% of the US bean crop was blooming as of July 21, with 29% setting pods, both 5% points ahead of average maturity for the date. Soybean condition ratings were unchanged at 68% gd/ex, with the Brugler500 index remaining at 370.
USDA’s Export Inspections report from Monday totaled 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) and Indonesia. Marketing year to date exports have totaled 42.35 MMT (1.556 bbu), which is down 15.6% from 2023 at this point.
Aug 24 Soybeans closed at $11.17 3/4, up 20 1/2 cents, currently down 1 ½ 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, currently up 1 ¾ cents
Jan 25 Soybeans closed at $10.83, up 32 cents, currently up 1 cent
New Crop Cash was $10.20, up 33 cents,
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