Soybeans Popping Higher After Large NOPA Number
Soybean futures are showing some gains after a better than expected NOPA number pulled contracts off early lows. The market is trading with 3 to 4 cent gains. The cmdtyView national average Cash Bean price is 3 cents higher at $9.35 3/4. Soymeal futures are up $1.80 to $1.90, with Soy Oil up 30 to 31 points in the nearbys
After the Tuesday close, President Trump posted that he is “considering terminating business with China, having to do with cooking oil and other elements of trade, as retribution” to not buying US soybeans.
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NOPA data from this morning showed 197.86 million bushels of soybeans crushed during September, well above the 186.34 mbu estimate. That was a 4.24% increase from August and 11.59% larger than last year’s September record. Soybean oil stocks were 0.17% below the end of August at 1.24 billion lbs, which was also 16.6% above last year.
Nov 25 Soybeans are at $10.09 1/2, up 3 cents,
Nearby Cash is at $9.35 3/4, up 3 cents,
Jan 26 Soybeans are at $10.27 1/4, up 3 cents,
Mar 26 Soybeans are at $10.42 3/4, up 3 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.
