Soybeans Rallying for Tuesday Rebound
Soybeans are showing 10 to 13 cent gains so far on Tuesday trade. The cmdtyView national average Cash Bean price is up 13 1/4 cents at $12.46 3/4. Soymeal futures are up $2.30 to $2.90, with Soy Oil slipping just 85 to 93 points.
USDA’s Crop Progress report from Monday indicated 75% of the US soybean crop dropping leaves as of 9/27. Harvest was tallied at 17% complete, now matching the average pace. Condition ratings were steady at 58% gd/ex, with the Brugler500 index at 352.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
The 7-day QPF from NOAA shows heavy rains aross the central and western corn belt in the couple days, with the ECB looking wetter in the latter half of that period.
NASS will release Grain Stocks data on Wednesday, as analysts polled by Bloomberg are looking for 321 million bushels of soybeans on hand at the end of August. That would be below the 325 mbu from last year if realized.
Nov 26 Soybeans are at $13.00 1/2, up 12 1/4 cents,
Nearby Cash is at $12.46 3/4, up 13 1/4 cents,
Jan 27 Soybeans are at $13.16, up 13 cents,
Mar 27 Soybeans are at $13.24 1/4, up 12 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.
More news from Barchart
