- Soybean futures rallied last week, driven by weather concerns and impact on yield. Aug-21 soybeans closed Friday at $14.5475 per bushel, up from $14.04 on Monday.
- Aug-21 soybean meal closed the week at $363.20 per short ton, and Aug-21 soybean oil settled at 68.31 per pound.
S&D and fundamental factors
- USDA kept 2020/21 U.S. soybean ending stocks unchanged at 135 million bushels in the July WASDE as lower imports offset declines in demand. 2021/22 ending stocks remained at 155 million bushels.
- For U.S soybean oil, USDA lowered 2020/21 ending stocks to 1.793 billion pounds, which reduced 2021/22 ending stocks from 1.503 billion to 1.488 billion pounds.
- Soybean export sales for the week ending Jul. 8 were a bit over 21,650 MT for 2020/21 and 290,750 MT for 2021/22. For the upcoming marketing year, current outstanding sales total near 9.7 MMT (356 million bushels), 17 percent of USDA’s current projection of 2.075 billion bushels.
- 59 percent of U.S. soybeans were rated good to excellent as of Jul. 11. Iowa’s portion rated good to excellent was 65 percent, juxtaposed against Minnesota and North Dakota at 45 and 21 percent, respectively.
- Rains hit a large portion of the drought-stricken upper Midwest last week. The moisture will be needed to help protect the soybean crop as the forecast for the remainder of July calls for hot and dry conditions.
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