Soybean futures posted 12 to 15 cent gains in the front months on Tuesday to follow soybean meal, as export business continues to trickle in. Soymeal futures were up $7.30 to $8.90/ton across the board. Soy Oil futures were down 74 to 107 points on pressure from crude oil, which fell $4.09/barrel.
USDA reported a private export sale of 132,000 MT of soybeans to China this morning.
Crop Progress data from NASS indicated 94% of the US soybean crop was setting pods, with 13% dropping leaves as of September 1, 3 percentage points ahead of normal. Soybean condition ratings were down 2% to 65% good/excellent, with the Brugler500 index dropping 4 points to 365.
The weekly Export Inspections report from FGIS showed 496,860 MT of soybean shipments in the week that ended on August 29, 18.4% above last week and 21.8% larger than the same week last year. China was the largest destination of 193,722 MT, with 104,045 MT headed to Mexico. Year to date shipments for the 2023/24 MY that is nearing its close are 44.709 MMT (1.643 bbu).
The monthly Fats & Oils report showed better than expected soybean crush during July at 193.4 million bushels. That was the largest since March, 5.32% above June, and 4.66% above last year’s record. Bean oil stocks were down 5.5% from last month at 2.009 billion lbs, which was also a 7.3% decline from last year.
Sep 24 Soybeans closed at $9.97, up 15 cents,
Nearby Cash was $9.49 3/4, down 1/4 cent,
Nov 24 Soybeans closed at $10.12, up 12 cents,
Mar 25 Soybeans closed at $10.44, up 12 1/4 cents,
New Crop Cash was $9.49 3/4, up 5 3/4 cents
