Beans Rally Double Digits after Back and Forth Trade
After a battle at the $13 mark, the soybean market rallied through the afternoon to close at or near the highs for the day with 6 to 14 cent gains. Soymeal futures also closed $3.60 to $4.80 in the black. Soybean Oil futures closed weaker with 43 to 62 point losses across the front months.
Dalian No2 Soybean Prices gained 0.7% to 4,335 yuan/MT (~$16.82/bu) on Monday. No. 1 soybeans were also slightly higher.
Weekly Inspections data showed 1.07 MMT (39.3 mbu) of soybeans were shipped during the week that ended 12/21. That set the season’s total at 22.252 MMT (817 mbu), which is 18.5% behind last year’s pace and 15.3% below the 5-yr average.
Jan 24 Soybeans closed at $13.13 1/4, up 13 1/2 cents,
Nearby Cash was $12.61 3/4, up 13 1/2 cents,
Mar 24 Soybeans closed at $13.19, up 12 3/4 cents,
May 24 Soybeans closed at $13.28, up 11 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.
