Soybean futures are in rally mode, leading the ag complex with double digit gains so far of 12 to 14 cents. Soymeal futures are up $5.70, with Soy Oil 40 points higher at midday.
USDA reported private export sales of 2024/25 soybeans this morning, with 332,000 MT to Chin and 110,000 MT sold to unknown destinations.
Soybean export inspections showed 398,233 MT (14.63 mbu) shipped during the week that ended on August 15. That was a 13.9% improvement on the week and 24.3% larger vs. last year. The top destination was Germany at 130,571 MT, with 60,497 MT headed to Egypt, as just 56,765 MT on its way to China. Accumulated shipments have totaled 43.78 MMT (1.609 bbu), which is 13.6% below the same period last year.
The weekly Crop Progress report expects soybean condition ratings to remain at 68% gd/ex later today. After rains across the country last week, the forecast is looking drier this week, with the 7-day QPF indicating much of the soybean growing region with little to no precip.
Sep 24 Soybeans are at $9.51 1/4, up 12 1/2 cents,
Nearby Cash is at $9.31 3/4, up 12 1/2 cents,
Nov 24 Soybeans are at $9.70 1/2, up 13 1/2 cents,
Mar 25 Soybeans are at $10.04 3/4, up 12 3/4 cents,
New Crop Cash is at $9.13 7/8, up 13 1/2 cents,
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