Soybeans Falling Again on Wednesday
Soybeans futures are trading with contracts down 5 to 7 ½ cents so far on Wednesday. CmdtyView’s national front month Cash Bean price is down 7 1/4 cents at $9.23 1/4. Soymeal futures are back up $2/ton on the day. Soy Oil contracts are 59 points lower on the session. The average close for November soybean futures so far in October, which indicates the fall crop insurance price, is $10.25. That is $1.30 below the February base price.
USDA reported a private export sale of 175,000 MT of soybeans to unknown destination this morning.
The delayed Crop Progress report from NASS showed the US soybean harvest at 67% complete as of Sunday. That is 16% ahead of the 5-year average pace. Just LA was reported as behind their average harvest pace, with all of the top 10 major producing state except NE (+8%) mor than double digits ahead of the normal harvest pace.
Nov 24 Soybeans are at $9.83 1/2, down 7 1/2 cents,
Nearby Cash is at $9.23 1/4, down 7 1/4 cents,
Jan 25 Soybeans are at $9.96 3/4, down 6 3/4 cents,
May 25 Soybeans are at $10.24 1/4, down 6 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.
