Soybeans are showing some slight strength to kick of Tuesday morning trade, with gains of 1 to 2 cents. They started out weaker on Sunday night, but saw gains as the final bell rang on Monday afternoon. Cotnracts were up 6 to 8 cents across the front months at the close. Soymeal futures were up $1.40 to $5.80 per ton at the Monday settle. Soy Oil contracts were up 23 to 37 points.
Crop Progress data showed 89% of the US soybean crop setting pods, 1% above normal, with 6% dropping leaves, 2% faster than normal. Soybean condition ratings were down 1% to 67% good/excellent, as the Brugler500 index was down 3 points to 369.
Monday morning’s Export Inspections report showed 411,165 MT (15.1 mbu) of soybeans shipped during the week that closed out on August 22. That was a slight improvement from the week prior and 26% above the same week in 2023. Mexico was the top destination of 93,604 MT, with 72,460 MT headed to China. Accumulated sales have totaled 44.203 MMT (1.624 bbu) through that date, which is down 13.9% from last year.
Sep 24 Soybeans closed at $9.59 3/4, up 7 3/4 cents, currently up 2 cents
Nearby Cash was $9.35 1/8, up 6 1/2 cents,
Nov 24 Soybeans closed at $9.80 3/4, up 7 3/4 cents, currently up 1 1/4 cents
Mar 25 Soybeans closed at $10.12 1/4, up 6 cents, currently up 1 1/2 cents
New Crop Cash was $9.24 1/4, up 8 1/4 cents,
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