Soybeans rallied on Monday, following a Social post from the President on Sunday night. Futures closed with 20 to 24 front month gains. The cmdtyView national average Cash Bean price was up 23 cents at $9.51 1/4. Soymeal futures posted gains on Monday, up $4.20 to $5.30. Soy Oil futures were 26 to 53 points higher. There were another 108 August soybean meal deliveries, with the month to date total at 3,471 contracts.
Crop Progress data from NASS this afternoon showed 91% of the US bean crop blooming by Sunday, with 71% setting pods, both 1% behind normal. Soybean conditions were down another 1 percentage point to 68% gd/ex, with the Brugler500 index dropping back 1 point to 374.
Overnight, President Trump posted that, “China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders...” This was enough to take the market higher on the hopes of some buying, if not a deal. Later on Monday, President Trump extended the pause on the tariff increase on Chinese goods for 90 days.
USDA tallied soybean export shipments at 518,066 MT (19.04 mbu) during the week ending on August 7. That was down 17.5% from last week but 47.6% above the same week last. Of that total, 154,646 MT was headed to Mexico, with 68,869 MT on its way to Germany and 58,086 MT to Egypt. Marketing year exports have totaled 48.37 MMT (1.777bbu), which is 11.2% above the same period last year.
Ahead of the Tuesday Crop Production report, traders are looking for US soybean yield to be 53 bpa, with a range of 52 to 54. Production is seen at 4.374 billion bushels, which is up 39 mbu from the July WASDE. Analysts estimate old crop carryout down 5 mbu to 345 mbu. New crop stocks are seen 41 mbu higher at 351 mbu,
Aug 25 Soybeans closed at $9.89 1/2, up 22 3/4 cents,
Nearby Cash was $9.51 1/4, up 23 cents,
Sep 25 Soybeans closed at $9.91 3/4, up 24 cents,
Nov 25 Soybeans closed at $10.11 1/4, up 23 3/4 cents,
New Crop Cash was $9.42 1/1, up 22 3/4 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.
