Soybeans are posting fractional to 5 cent gains so far on Tuesday’s midday, despite double digit gains earlier in the day. There were no deliveries vs. July soybeans. The oldest soybean long awaiting delivery is from 5/6/24. Soymeal is up 70 cents/ton in the August contract. Soy Oil futures were up 75 to 81 points this morning. There were 161 deliveries vs. July BO overnight, and still none against July meal.

USDA’s Fats & Oils report from Monday afternoon showed May soybean crush at 191.97 mbu. That was an 8.02% increase from April’s drop and a 2.67% jump from May 2023. Soy oil stocks were 2.187 billion lbs, 5.4% below the month prior.

Crop Progress data indicated 95% of the US bean crop emerged, with 20% blooming, 5% above the average pace. KS, LA, and the Dakotas were lagging behind. The crop already has 3% setting pods vs. the 2% average. Soybean conditions were left at 67% gd/ex. A 1%-point shift from good to excellent brought up the Brugler500 index 1 point to 369. ECB ratings were improving, with IL up 6 points, IN 8 points higher. MO and SD were both up 3 points, as IA was down 3 points, with NE 2 points lower and MN losing 4 points.

USDA’s attaché in Brazil estimates the country’s soybean crop at 150 MMT in their latest release, compared to the official WAOB projection of 153 MMT. They also peg the 24/25 crop at 160 MMT, 9 MMT below the official USDA number. 

Jul 24 Soybeans  are at $11.64 1/4, up 4 3/4 cents,

Nearby Cash  is at $11.10 1/4, up 3 cents,

Aug 24 Soybeans  are at $11.48, up 2 cents,

Nov 24 Soybeans  are at $11.11 1/4, up 1/4 cent,

New Crop Cash  is at $10.55 3/4, down 3 cents,
On the date of publication, Alan Brugler 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.