Soybeans Look to Post Christmas Trade Following Gain on Wednesday

The CBoT will open back up this morning at 8:30 am CST. Soybean futures were in a jolly mood leading into the Christmas break, with contracts 11 to 14 cents higher. Open interest was down 4,814 contracts on Wednesday, suggesting some short covering. The cmdtyView national average Cash Bean price was 11 3/4 cents higher at $9.92 3/4. Soymeal futures posted gains of $3 to $3.80 on Wednesday, as Soy Oil futures were up 65 to 74 points. 

USDA has export sale commitments for soybeans at 25.778 MMT, which is down 33% from the same period last year as of 12/11. That is 58% of USDA’s export projection and lagging the 79% average pace.

Buenos Aires Grains Exchange data showed 75.5% of the soybean crop planted, below the average pace. Condition ratings were pegged at 67% good/excellent, which is 5 points above last year.

Jan 26 Soybeans  closed at $10.63 1/4, up 11 3/4 cents,

Nearby Cash  was $9.92 3/4, up 11 3/4 cents,

Mar 26 Soybeans  closed at $10.76 1/2, up 12 3/4 cents,

May 26 Soybeans  closed at $10.87 1/2, up 13 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.