Beans faded their initial rally to start the week, with November going home 14 3/4 cents off the high on a 7 cent gain. At the high Nov beans were just 2 1/4 cents under $14, May and July ’23 contracts closed above that mark. Meal futures ended the day $3.70 to $5.80 higher. BO futures turned red and closed on 54 point losses.
After their week long holiday break, the Dalian No2 Soybean Prices traded higher on the Monday session, ending a net 0.05% in the black to 5,575 yuan/MT (~ $21.21/bu). Their domestic No.1 Soybeans had gapped lower to start, but rallied back for a net 0.05% loss on the day to 5,964 yuan/MT (~ $22.63/bu).
Due to the federal holiday, Export Inspections data and Crop Progress data will be released tomorrow morning and afternoon accordingly.
Brazilian soybeans were 9.6% planted according to AgRural, slightly behind last year’s pace.
Nov 22 Soybeans closed at $13.74, up 7 cents,
Nearby Cash was $13.23 1/8, up 6 3/8 cents,
Jan 23 Soybeans closed at $13.85 3/4, up 6 1/2 cents,
Mar 23 Soybeans closed at $13.95 1/4, up 6 1/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
/Visa%20Inc%20gold%20card-by%20hatchpong%20via%20iStock.jpg)
