Soybeans Posting Strength to Close the Week
Soybeans are pushing back higher on Friday, with contracts up 7 to 10 cents. There were another 36 deliveries issued overnight, taking the total to 1,506 for the month. The cmdtyView national average Cash Bean price is 8 3/4 cents lower at $10.42 ¾. Soymeal futures are back up on Friday, with contracts $3.50 to $4 higher in the front months, with Soy Oil futures are 25 to 30 points lower.
China reinstated eligibility for 3 US soybean export firms to ship beans to the country. Chinese customs data showed a total of 9.48 MMT of soybeans were imported during October, down from 12.87 MMT in September.
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ANEC estimates the Brazilian soybean exports at 3.77 MMT for November, up 1.43 MMT from last year if realized. Trade ministry data showed official October exports at 6.73 MMT, up from 4.71 MMT from last year.
The Argentina soybean crop is estimated at 4.4% planted, which is down 4 percentage points from a year ago according to the Buenos Aires Grain Exchange.
Nov 25 Soybeans are at $11.01 3/4, up 10 cents,
Nearby Cash is at $10.42 3/4, up 8 3/4 cents,
Jan 26 Soybeans are at $11.16, up 8 1/2 cents,
Mar 26 Soybeans are at $11.24 3/4, up 7 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.
