Soybeans Come Out of Labor Day with Gains

Soybeans closed the day with contracts 6 ½ to 10 cent gains across the board on Tuesday. The cmdtyView national average Cash Bean price was up 6 1/2 cents at $12.57 1/4. Soymeal futures were down $1.50 to $5.30 at the close, with Soy Oil 94 to 155 points higher. There were no deliveries against September soybean futures overnight, with 106 deliveries for September meal and 11 for bean oil. 

Monday’s Crop Progress data from NASS showed 26% of the US soybean crop dropping leaves. Condition ratings were steady at 58% gd/ex, with the Brugler500 index unchanged at 353.

USDA’s FGIS tallied soybean export shipments at 422,016 MT (15.5 mbu) during the week ending on September 3. That was 48.57% above the week prior and 9.66% lower than the same week last year. Of that, 212,196 MT was for old crop, with the marketing year total via Inspections data at 40.89 MMT (3.34 bbu). There was 209,820 MT shipped for new crop.  Egypt was the top destination of 115,187 MT, with 72,520 MT headed to Italy and 58,374 MT to Germany.

Chinese import data showed August imports at 12.14 MMT, which was up 5.7% from the same month last year.

Sep 26 Soybeans  closed at $13.02 1/2, up 8 3/4 cents,

Nearby Cash  was $12.57 1/4, up 6 1/2 cents,

Nov 26 Soybeans  closed at $13.16 1/4, up 6 1/2 cents,

Jan 27 Soybeans  closed at $13.32, up 7 cents,

Register a Revolut Business Account