Soybean Meal Futures Market News and Commentary
Soybean futures start off Wednesday 2 to 3 cents higher. Yesterday they rallied by 1 1/4 to 2 cents. Soybean meal was up $0.80/ton, and soybean oil gained 32 points to also add product value on Tuesday. The national average soybean basis was -0.6265 per cmdtyView, bringing the monthly average to -0.6638 Dec so far. The 13 day running trend is tightening, starting at the beginning of the month when the basis was -0.7292. Last year the basis for November 19 was -0.8881, and the Nov average up till then had been -0.9827. So we’re about 22 cents firmer than year ago for the month to date. US Soybean FOB prices were reported to be between Brazil and Argentina, @$359.00/MT (~$9.77/bushel).
--- provided by Brugler Marketing & Management