Soybeans are getting a rebound of 8 to 10 cents across the front months on Thursday’s midday. The cmdtyView national average Cash Bean price is back up 9 1/2 cents at $9.63 1/4. Soymeal futures are bouncing back, with contracts up $2.60 to $3.80. Soy Oil futures are down 10 to 25 points at midday. There were 322 delivery notices for August soybean meal overnight, with 60 issued for soybeans and 61 against August soybean oil.

The 7 day forecast is calling for heavy totals of 1 to 3+ inches rain over parts of IA, southern WI, northern MO, and northwest IL in the next week. 

Export Sales data showed old crop soybean sales in the week of 7/31 exceeding the expected 100,000 and 300,000 MT range at 467,842 MT. That was a 4-week high and still 43.8% above the same week last year. New crop business was 545,010 MT, also above the expected range of 200,000 MT and 500,000 MT.  That was a MY high for new crop

Soybean meal sales were tallied at 281,761 MT, which was in the estimated range of 100,000 to 400,000 MT, with 169,393 MT for the current MY and 112,368 MT for next MY. Bean oil sales were tallied at 7,039 MT, which was in the middle of expectations of 0-13,000 MT.

Brazil’s trade ministry pegged the July soybean export total at 12.257 MMT, which was a record for the months, 8.95% above last year but a drop of 8.67% from June. The record crop is extending their shipping season. ANEC estimate the August export total at 8.15 MMT, which would be above the 7.98 MMT total from last year. Chinese imports of soybeans during July totaled 11.67 MMT from all destinations, which was a record for the month but down from 12.26 MMT in June.

Aug 25 Soybeans  are at $9.69 3/4, up 8 1/4 cents,

Nearby Cash  is at $9.36 1/4, up 9 1/2 cents,

Sep 25 Soybeans  are at $9.74 1/4, up 8 3/4 cents,

Nov 25 Soybeans  are at $9.94 1/4, up 9 3/4 cents,

New Crop Cash  is at $9.26 3/4, up 9 1/2 cents,