Soybeans are kicking off Tuesday in some turnaround fashion, as prices are down 2 to 3 ½ cents, Futures settled the Monday session with contracts 17 to 19 cents across most nearby contracts. Soymeal futures were up $5.60 to $8.40/ton, with Soy Oil 21 to 52 points higher on the day.
After the Monday close, NASS released updated Crop Progress data, with 95% of the US bean crop blooming by Sunday, with 81% setting pods. Soybean condition ratings were steady at 68% good/excellent, though a 1% switch from good to excellent took the Brugler500 index up 1 point to 372.
ProFarmer’s annual crop tour showed soybean pod counts (3x3 foot square) at 1,025.89 in South Dakota, above the 1,013 count from last year and well above the 3-year average of 960.42. In Ohio, pod counts were 1,229.93 in that area, down from the 1,252.93 in 2023 but up from the 1,193.31 bpa 3-year average.
USDA reported private export sales of 2024/25 soybeans on Monday 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.
Sep 24 Soybeans closed at $9.56 1/4, up 17 1/2 cents, currently down 2 3/4 cents
Nearby Cash was $9.35 3/8, up 17 cents,
Nov 24 Soybeans closed at $9.76, up 19 cents, currently down 3 1/4 cents
Mar 25 Soybeans closed at $10.09 3/4, up 17 3/4 cents, currently down 3 1/2 cents
New Crop Cash was $9.18, up 18 3/4 cents,
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