Soybeans rallied back on Thursday, with contracts up 9 to 10 ¼ cents at the close. The cmdtyView national average Cash Bean price was back up 8 1/2 cents at $9.35 1/4. Soymeal futures bounced back, with contracts up $3.30 to $4.00. Soy Oil futures were down 20 to 28 points on the day. 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 at 467,842 MT. That was a 4-week high and still 43.8% above the same week last year. Taiwan was the buyer of 150,400 MT, with the Netherlands in for 119,700 MT. New crop business was 545,010 MT, a MY high for new crop. Unknown destinations was the buyer of 254,300 MT, with 106,000 MT purchased by Egypt.

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.

ANEC estimates Brazil’s 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  closed at $9.71 3/4, up 10 1/4 cents,

Nearby Cash  was $9.35 1/4, up 8 1/2 cents,

Sep 25 Soybeans  closed at $9.74, up 8 1/2 cents,

Nov 25 Soybeans  closed at $9.93 3/4, up 9 1/4 cents,

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