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,
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