
The soy futures complex turned around on Tuesday with beans and bean oil gaining while meal faded. Soymeal futures ended the day with $1.30 to $1.90 losses. Beans dropped from their midday highs, but were still up 4 1/4 to 12 1/2 cents at the close. BO futures gained back 54 to 61 points for Turnaround Tuesday.
The national average soybean basis is 44 cents under March according to cmdtyView data. That compares to -45 cents last year. WCB beans are 52 cents under, which is 8 cents firmer yr/yr, while the ECB average bean basis is 11 cents weaker at -32 cents.
AgRural reported Brazil at 5% harvested for 21/22 soybeans. AgRural expects the total soy output to reach 133.4 MMT.
Mar 22 Soybeans closed at $14.07 1/4, up 4 1/4 cents,
Nearby Cash was $13.62 1/2, up 4 cents,
May 22 Soybeans closed at $14.16, up 5 cents,
Nov 22 Soybeans closed at $13.18 1/2, up 11 cents,
New Crop Cash was $12.60 1/4, up 11 1/4 cents,