Soybeans are trading with 3 to 4 cent gains so far on the Tuesday session after some earlier weakness overnight. Soymeal futures are up 90 cents/ton and backing off from the morning strength, with Soy Oil 33 points higher so far on the day.
USDA reported private export sales of 2024/25 soybeans on Tuesday morning, with 132,000 MT to China and 239,492 MT sold to Mexico.
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.
Chinese imports in July totaled 9.85 MMT, with 9.12 MMT originating from Brazil and 475,392 MT from the US.
Sep 24 Soybeans are at $9.60, up 3 3/4 cents,
Nearby Cash is at $9.38 1/2, up 2 1/4 cents,
Nov 24 Soybeans are at $9.78 3/4, up 2 3/4 cents,
Mar 25 Soybeans are at $10.11 3/4, up 2 cents,
New Crop Cash is at $9.21 1/8, up 3 cents,
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