Soybeans were in rally mode on Monday, with contracts posting 20 to 23 1/4 cent gains and other contracts 10 ¾ to 18 ¼ cents higher. The cmdtyView national average Cash Bean price is up 23 1/4 cents at $11.89. Soymeal futures are up $3.30 to $5.40 higher at the close, with Soy Oil futures down 11 to 57 points.
USDA reported a couple private export sales of 264,000 MT of soybeans to Mexico and 110,000 MT to unknown destinations for new crop.
Crop Progress data from NASS showed 66% of the US soybean crop blooming by 7/19, up 6% from normal, with 32% setting pods and 8 percentage points faster than normal. Condition ratings were improved 1% at 66% gd/ex, with the Brugler500 index up 2 to 369.
Monday morning’s Export Inspections report showed soybean shipments of 296,972 MT (10.91 mbu) in the week of 7/16. That was down 33.72% from the week prior and 21.24% shy of same week last year. The marketing year total is now 38.62 MMT (1.418 bbu) of shipments, which is now 17.53% below the same period last year.
NOAA’s 7-day QPF updated forecast shows 1- 2 inches expected in much of NE, MO, and parts of Southern/Eastern IA and parts of IL. Precip is spotty in much of the Eastern belt.
Aug 26 Soybeans closed at $12.26, up 21 1/2 cents,
Nearby Cash was $11.89, up 23 1/4 cents,
Sep 26 Soybeans closed at $12.15 1/2, up 22 cents,
Nov 26 Soybeans closed at $12.26 1/4, up 23 1/4 cents,
New Crop Cash was $11.67 3/4, up 23 3/4 cents,
