Soybeans are trading with 8 to 10 cent gains to start Monday morning trade. Futures were in rally back mode on Friday, as contracts were up 7 to 9 cents on the session. November popped 12 ¾ cents higher last week after holding a test of $10. Preliminary open interest was down 14,466 contracts on Friday. The cmdtyView national average Cash Bean price was 9 1/4 cents higher at $9.45 ½, as basis seemed to firm somewhat. Support from the products was noted, as Soymeal futures were up $2.40 to $4.10 on the day, to have December close with a $6 gain on the week. Soy Oil was 24 to 29 points higher on Friday, with December 116 points higher over the 5 trade days.
Over the weekend President Trump stated he was confident in reaching a soybean deal with China and he “wants China to buy soybeans at least in the amount they were buying before.
With just 2 weeks left for the Crop Insurance discovery for the harvest price, November soybean futures have averaged $10.16 thus far. That is down from $10.54 from the Feb price but up from $10.03 from last year’s fall price.
Brazil’s soybean crop was pegged at 24% planted by Thursday according to AgRural, ahead of the 18% pace from the same week last year.
Nov 25 Soybeans closed at $10.19 1/2, up 8 3/4 cents, currently up 8 1/2 cents
Nearby Cash was $9.45 1/2, up 9 1/4 cents,
Jan 26 Soybeans closed at $10.36 3/4, up 8 1/4 cents, currently up 9 1/4 cents
Mar 26 Soybeans closed at $10.50 3/4, up 7 cents, currently up 9 1/2 cents
On the date of publication, Austin Schroeder 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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