AM soybean prices are 1 3/4 cents to 4 1/4 cents higher so far. Meal is also up in the AM, but BO is down by 11 points so far. The Tuesday session ended with strong gains for soy complex futures led by meal. Soymeal prices were up 2.3% to 2.7% at the close with $11.90/ton gains in the May contract. May futures are a net $24 above their low from last Friday. Soybeans closed the session with gains of 13 1/4 to 25 1/2 cents. Soybean oil futures closed 36 to 50 points higher on the day.Â
Preliminary open interest for soybeans rose a modest 1,261 contracts during the big rally. There was active rolling from May to July, and short covering in the November (-2,061 contracts). Meal and bean oil showed net new buying, with the later OI up 3,066 contracts.
Dalian No2 Soybean Prices ended a sell off that began back on March 7, with higher closes on Monday and Tuesday. May was 4,043 yuan. Â
Canadian Canola Prices have rallied for 5 straight sessions from $715 to $765 in the May contract.Â
NASS reported that 2% of the Louisiana soybean crop has been planted, which is 2% ahead of average for this date.Â
May 23 Soybeans  closed at $14.67 3/4, up 25 1/2 cents, currently up 4 cents
Nearby Cash  was $14.37 1/2, up 23 7/8 cents,
Jul 23 Soybeans  closed at $14.44 1/2, up 23 3/4 cents, currently up 3 cents
Nov 23 Soybeans  closed at $13.03 3/4, up 15 1/4 cents, currently up 1 3/4 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. For more information please view the Barchart Disclosure Policy here.
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