Soybeans Starting Tuesday with Strength

Soybeans are showing 8 to 9 cent gains early on Tuesday. Futures pulled back off of early double digit gains on Monday, with contracts closing fractionally to 3 1/4 cents higher across most contracts. Open interest was up 3,456 contracts, mainly in the January contract. The cmdtyView national average Cash Bean price was up 2 1/4 cents at $12.25 1/4. Soymeal futures were up $1.20 to $1.80 lower, with Soy Oil futures up 21 to 80 points.

A private export sale of 104,000 MT of soybeans was reported on Monday morning by USDA to unknown destinations.

The NASS Crop Progress report from Monday indicated 85% of the US soybean crop dropping leaves as of 10/4. Harvest was just 25% complete, now 7 percentage points behind normal. Condition ratings were down 1% to 57% gd/ex, with the Brugler500 index slipping 2 to 350.

The Monday Export Inspections report showed soybean shipments of 1.138 MMT (41.83 mbu) in the week of 10/1. That was up 45.3% from the week prior and 1.5% below of the same week last year. China was the largest destination of 756,492 MT, with 126,680 MT shipped to Algeria and 59,219 MT to Bangladesh. Shipments for the marketing year are now at 3.986 MMT (146.5 mbu) of soybeans, which is now 30.9% ahead the same period last year.

Brazil’s soybean crop was estimated at 7.3% planted as of Thursday according to AgRural, now behind the 9% from last year.  They estimate the country’s soybean crop at 182.7 MMT, a 0.1 MMT increase from their previous number.

Nov 26 Soybeans  closed at $12.80 3/4, up 2 1/2 cents, currently up 9 cents

Nearby Cash  was $12.25 1/4, up 2 1/4 cents,

Jan 27 Soybeans  closed at $12.97 1/2, up 3 cents, currently up 9 cents

Mar 27 Soybeans  closed at $13.08, up 3 1/4 cents, currently up 8 3/4 cents