Soybeans Resume Strength on Tuesday
Soybeans closed Tuesday with contracts 11 to 13 cent higher in the front months. The cmdtyView national average Cash Bean price was up 11 3/4 cents at $10.56 1/4. Soymeal futures were $2.10 to $3.20 higher on the day, with Soy Oil futures are 50 to 58 points in the green on the day. The average close for November futures in February has been $10.91 as the base spring price for crop insurance is underway.
WASDE data from this morning indicated no adjustments to the US ending stocks projection, which was left at 350 mbu.
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Of the major world adjustments Brazil was raised by 2 MMT as expected to 180 MMT, with Argentina left at 48.5 MMT. The World Ag Outlook Board also raised the world ending stocks number by 1.10 MMT to 125.51 MMT.
ANEC estimates the Brazilian soybean exports at 11.71 MMT during February, up 0.29 MMT from the day prior.
Mar 26 Soybeans closed at $11.22 1/2, up 11 3/4 cents,
Nearby Cash was $10.56 1/4, up 11 3/4 cents,
May 26 Soybeans closed at $11.37 1/2, up 12 1/2 cents,
Jul 26 Soybeans closed at $11.49 1/2, up 13 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.
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