Soybeans Post Turnaround Tuesday Gains
Soybeans backed off the early Tuesday highs, but contracts still managed to close with fractional to 6 ½ cent gains. CmdtyView’s national front month Cash Bean price was up 6 3/4 cents at $9.43 3/4. Soymeal futures closed the session steady to $2.60/ton higher. Soy Oil futures were up 36 to 72 points on the session.
Brazil is expected to see decent amounts of rainfall this next week for much of the country. The outlook for December 11 through 19 shows less widespread rainfall totals.
The monthly Fats & Oils report showed 215.76 mbu of soybeans crushed for bean oil during October, which was an all-time record and above the trade’s estimate of 210.9 mbu. That was also 15.7% above the September crush and 7.15% above last year. Soybean oil stocks totaled 1.485 billion lbs, a 1.1% from last year and last month.
Jan 25 Soybeans closed at $9.91 3/4, up 6 1/2 cents,
Nearby Cash was $9.43 3/4, up 6 3/4 cents,
Mar 25 Soybeans closed at $9.97 1/4, up 6 1/4 cents,
Jul 25 Soybeans closed at $10.20 3/4, up 4 1/4 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.