Midday bean futures are trading 21 to 33 ¼ cents in the black so far for Monday. The Jan contract is only 2c off the high at midday. Preliminary open interest rose 4,155 contracts, with some light net new buying in March and July. Midday Soymeal futures are on the rally with +5% gains through midday of as much as $25/ton. Soybean Oil futures are 24 to 48 points in the red at midday, as the complex outlier.
The USDA flashed a 204k MT soybean sale to China this morning.
USDA’s weekly Inspections data showed 1.666 MTM of soybeans were exported during the week that ended 11/09. That was down from 2.2 MT last week and from 2.03 MMT during the same week last year. The MYTD total now trails last season’s pace by 832k MT with 14.03 MMT shipped.
Patria Argonegocios reported the Brazilian soybean planting pace was 61.3%, compared to 73.4% at this time last year.
Nov 23 Soybeans are at $13.64, up 30 1/2 cents,
Nearby Cash is at $13.20 7/8, up 33 1/4 cents,
Jan 24 Soybeans are at $13.80 1/2, up 33 cents,
Mar 24 Soybeans are at $13.92, up 31 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. For more information please view the Barchart Disclosure Policy here.
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