AM Soy Prices Mostly Red

Current soy quotes are mixed with fractionally to 4 cent losses in beans, 15 point losses in BO, and 40 cent losses in the meal. Yesterday,  soybean oil led the rally with 3.2% gains as the beans rallied 1.5% to 2.6%. Preliminary open interest for soybean futures beans rose 3,916 contracts, hinting at net new buying even in the July contract (which had recently been liquidating). Bean options were also net bought, with 3.2k new calls and 5k new puts – mostly in November. Soybean oil prices were 138 to 150 points higher. Soymeal prices were up by $3.10 to $3.40 on Monday. Soybean gains in new crop were capped at 22 cents, as Nov stayed under the $12/bu mark. July beans ended the session up by 34 cents and just 3 cents under the day’s high. 

USDA’s NASS reported soybean planting advanced 17% points through the week to 66% complete as of 5/21. The average pace would be 52% planted. The weekly report had 84% of IA soybeans in the ground, compared to 66% on average. IL pace remains ahead of normal with 85% planted compared to 58% on average. MO is also 37% points ahead of average with 74% complete. Planting in MN and ND remains behind their respective 5-yr average pace. National emergence reached 36%, compared to 20% last week and 24% on average. 

USDA’s weekly Export Inspections data had 155,051 MT of soybean exports for the week that ended 5/18. That was down from 187k MT last week and from 582k MT during the same week last year. USDA added 39k MT to past reports for a season total of 48.199 MMT. The full year total at the same point last season was 49.146 MMT. 

Jul 23 Soybeans  closed at $13.41 1/4, up 34 cents, currently down 3 1/4 cents

Nearby Cash   was $13.22 1/2, up 33 1/2 cents,

Aug 23 Soybeans  closed at $12.75 1/2, up 27 1/2 cents, currently down 3 1/2 cents

Nov 23 Soybeans  closed at $11.97, up 21 1/2 cents, currently down 1 cent