Soybeans are in rally mode early on Monday morning, as contracts are 6 to 7 cents higher. Futures posted some strength to close out last week, as contracts were up 8 to 10 cents. Open interest was up 13,624 contracts on Friday, suggesting new buying interest. January was up 1 ¾ cents on the week that saw several double digit swings. There were another 76 deliveries issued on Friday night, taking the total to 1,582 for the month. The cmdtyView national average Cash Bean price was 9 3/4 cents lower at $10.43 ¾. Soymeal futures are back up on Friday, with contracts $1 to $4.40 higher in the front months, as December was down $4.50 on the week. Soy Oil futures were 30 to 44 points higher, with December bouncing a whole penny on the week.
The EPA granted full exemptions on 2 more refineries and 12 partial exemptions on Friday, cleaning up the remainder of the backlog of small refinery exception requests.
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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.
Brazil’s soybean planting progress is estimated at 61% complete as od 11/6, behind the 67% pace from the same time last year.
Nov 25 Soybeans closed at $11.01 3/4, up 10 cents, currently up 6 1/2 cents
Nearby Cash was $10.43 3/4, up 9 3/4 cents,
Jan 26 Soybeans closed at $11.17, up 9 1/2 cents, currently up 6 cents
Mar 26 Soybeans closed at $11.25 3/4, up 8 1/4 cents, currently up 6 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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