01/07/2024 (Barchart) - Soybeans found some assistance from bean oil on Monday, as futures were up 7 to 12 ½ cents across most contracts. Soymeal were up $3 to $5.20/ton in the nearbys, but down 90 cents to $3.10 across the other contracts. Soy Oil futures were up 168 to 206 points on some help from crude oil.

Weekly Export Inspections data showed 303,023 MT (11 mbu) of soybeans shipped during the week of June 27. That was a 13.4% drop from the week prior and still 14.7% above the same week last year. The lead destination was Egypt at 111,037 MT, with 53,543 MT to Germany. Year to date bean shipments are at 41.54 MMT (1.526 bbu), still 16% behind the same period in the 22/23 marketing year.

USDA’s Fats & Oils report showed May soybean crush at 191.97 mbu, below the 193.85 mbu average estimate. That was an 8.02% increase from April’s drop and a 2.67% jump from May 2023. Soy oil stocks came in at a total of 2.187 billion lbs, below the average estimate and 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. The crop already has 3% setting pods vs. the 2% average. Soybean conditions were left at 67% gd/ex. A 1% shift from good to excellent brought up the Brugler500 index 1 point to 369.

Jul 24 Soybeans  closed at $11.59 1/2, up 9 cents,

Nearby Cash  was $11.07 1/8, up 7 3/4 cents,

Aug 24 Soybeans  closed at $11.46, up 12 1/2 cents,

Nov 24 Soybeans  closed at $11.11, up 7 cents,

New Crop Cash  was $10.58 3/4, up 5 1/4 cents,

https://www.barchart.com/story/news/27155339/soybeans-gain-strength-throughout-monday