Soybeans are trading with double digit gains at midday, with contracts up 14 to 17 cents. The cmdtyView national average Cash Bean price is up 15 1/4 cents at $11.42 1/4. Soymeal futures are up 80 cents to $1.10, with Soy Oil futures 197 to 261 points higher. There were 200 deliveries issued overnight against March soybean oil.
Crude oil is back up another $3.03 on Wednesday, adding some premium pack in as the Iran situation continues to unfold despite the International Energy Agency agreeing to release 400 million barrels of ethanol reserves.
Bean oil is gaining some strength as EPA’s RVO figure for this year was reportedly leaked near the 5.4 million gallon level. The figure should be officially announced later this month.
Mar 26 Soybeans are at $12.04, up 16 3/4 cents,
Nearby Cash is at $11.42 1/4, up 15 1/4 cents,
May 26 Soybeans are at $12.16 3/4, up 15 cents,
Jul 26 Soybeans are at $12.29 3/4, up 14 3/4 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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