Soybeans Holding Turnaround Tuesday Gains at Midday

Soybeans are backing off the early Tuesday highs, but still posting midday gains of 2 to 5 cents. CmdtyView’s national front month Cash Bean price is up 5 ½ cents at $9.42 3/4. Soymeal futures is trying to hold gains, with March up $1/ton. There were another 43 deliveries issued overnight. Soy Oil futures are up 37 points so far on the session. 

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.

The Monday afternoon Commitment of Traders report showed managed money adding 13,771 contracts to their net short in soybean futures and options as of 11/26. That position stood at 81,472 contracts by that Tuesday. Soy meal specs improved to a near record net short of 75,416 contracts.

Jan 25 Soybeans  are at $9.90 3/4, up 5 1/2 cents,

Nearby Cash  is at $9.42 3/4, up 5 1/2 cents,

Mar 25 Soybeans  are at $9.95 3/4, up 4 3/4 cents,

Jul 25 Soybeans  are at $10.19 1/4, up 2 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. More news from Barchart

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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