Soybeans were in rally mode on Monday, with contracts posting 20 to 23 1/4 cent gains and other contracts 10 ¾ to 18 ¼ cents higher. The cmdtyView national average Cash Bean price is up 23 1/4 cents at $11.89. Soymeal futures are up $3.30 to $5.40 higher at the close, with Soy Oil futures down 11 to 57 points.
USDA reported a couple private export sales of 264,000 MT of soybeans to Mexico and 110,000 MT to unknown destinations for new crop.
Crop Progress data from NASS showed 66% of the US soybean crop blooming by 7/19, up 6% from normal, with 32% setting pods and 8 percentage points faster than normal. Condition ratings were improved 1% at 66% gd/ex, with the Brugler500 index up 2 to 369.
Monday morning’s Export Inspections report showed soybean shipments of 296,972 MT (10.91 mbu) in the week of 7/16. That was down 33.72% from the week prior and 21.24% shy of same week last…
