Soybeans Rally on Turnaround Tuesday

Soybeans saw strength on Tuesday, with contracts rebounding 4 3/4 to 9 ¾ cents higher. The cmdtyView national average Cash Bean price was up 11 1/4 cents at $12.44 3/4. Soymeal futures were down 50 cents to $1.60 in the nearbys and 10 to 70 cents higher in the deferreds, with Soy Oil up 60 to 75 points. 

USDA’s Crop Progress report from Monday indicated 75% of the US soybean crop dropping leaves as of 9/27. Harvest was tallied at 17% complete, now matching the average pace. Condition ratings were steady at 58% gd/ex, with the Brugler500 index at 352.

The 7-day QPF from NOAA shows heavy rains across the central and western corn belt in the couple days, with the ECB looking wetter in the latter half of that period. 

NASS will release Grain Stocks data on Wednesday, as analysts polled by Bloomberg are looking for 321 million bushels of soybeans on hand at the end of August. That would be below the 325 mbu from last year if realized. 

ANEC estimates the Brazilian soybean exports in September at 7.24 MMT, which is a drop of 0.78 MMT from their previous number. 

Nov 26 Soybeans  closed at $12.97 3/4, up 9 1/2 cents,

Nearby Cash  was $12.44 3/4, up 11 1/4 cents,

Jan 27 Soybeans  closed at $13.12 3/4, up 9 3/4 cents,

Mar 27 Soybeans  closed at $13.21 1/2, up 9 1/2 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.