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Soybeans Futures PricesThursday, May 23rd, 2013Current Prices | End-of-Day Prices | Options Quotes | Spread Quotes | Profile
Open Interest is for the previous day's trading session. Soybean futures rallied sharply, and then sold off just as sharply. One of our tried and true market rules is that “Carries are finite, but inverses are infinite”. July futures continue to be volatile, with few or no old crop US beans available for July delivery, and thus a potential delivery squeeze play. On the other hand, the index funds begin rolling out of long July positions on May 31, and other traders were anxious to take profits ahead of the 3-day weekend. July did close the expiration gap left behind when May futures expired. Processors have backed off basis bids, content to let futures do the heavy lifting. USDA put the weekly soybean export sales number at 1,022,400 MT. That was bullish as it included unexpected old crop business. Net sales for soybean meal were reported as 256,600 MT with 51.1% of the total slated for delivery in the current marketing year. The strike by tug boat operators at the main Argentine port of Rosario will continue into next week, as negotiations broke down today. More than 100 vessels are now believed to be affected.
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