Soybean Bulls Gain Ground on Meal Strength
Soybean futures rounded out the Monday session with contracts 5 to 7 ¼ cents in the green. The cmdtyView national average Cash Bean price was up 5 3/4 cents at $9.37 ½. Soymeal futures posted Monday gains of $1.90 to $6.30/ton. Soy Oil futures were mixed, with futures down 22 to 37 points higher. Another 492 contracts were issued for August meal, with 218 issued for August beans, all by CHS.
Crop Progress data from NASS this afternoon showed 85% of the US bean crop blooming by Sunday, with 58% setting pods, both near normal. Soybean conditions were down 1% to 69% gd/ex, with the Brugler500 index dropping back 3 points to 375 on a 1% move from good to very poor.
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USDA tallied soybean export shipments at 612,539 MT (22.51 mbu) during the week ending on July 31, the highest since April. That was up 43.2% from last week, 67% above the same week last year and a 6-year high for that week. Of that total, 119,658 MT was headed to Germany, with 113,808 MT on its way to Egypt and 92,208 MT to Mexico. Marketing year exports have totaled 47.83 MMT (1.758 bbu), which is 10.9% above the same period last year.
StoneX projects the 2025 US soybean yield at 53.6 bpa, with production at 4.425 bbu. They pegged the 2025/26 Brazilian soybean crop at 178.2 MMT, which is 5.6% higher vs. last year, mainly on increased acreage. Celeres estimates the crop at 177.2 MMT
Aug 25 Soybeans closed at $9.69, up 7 1/4 cents,
Sep 25 Soybeans closed at $9.75 1/4, up 5 3/4 cents,
Nov 25 Soybeans closed at $9.94 1/2, up 5 1/4 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.
