Overnight bean trading was relatively firm within +13c and -4c (Nov), but the board is near the highs on 10 cent gains into the midweek day session. Soy futures ended the Tuesday session double digits higher. For beans and meal that was a turnaround from Monday’s weakness. Soy oil futures extended their rally but stayed under their Monday highs, closing 31 to 41 points in the black on the day. Dec soy oil is up by 78 points WTD. The other front month soybean futures went home 10 to 13 cents higher – with Jan now a 10c carry from Nov.
Dalian No2 Soybean Prices were slightly weaker on a wide ranged start to the week. At the close the import quality bean futures were 5,530 yuan/MT (~$20.60/bu).
Malaysian Palm Prices continued their rally, though failed to set new highs for the day closing at 4,155 ringgits. That has been supportive for soy oil. BO traders continue to look ahead at expanding demand for renewable biodiesel.
Nov 22 Soybeans closed at $13.82, up 10 cents, currently up 10 cents
Nearby Cash was $13.36 on Tuesday, up 8 7/8 cents,
Jan 23 Soybeans closed at $13.92 1/4, up 11 cents, currently up 10 1/4 cents
Mar 23 Soybeans closed at $14.01, up 11 3/4 cents, currently up 10 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.
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