Soybean Bulls Trying to Battle Back on Wednesday AM Trade

Soybeans are showing 2 to 4 cent higher trade on Wednesday morning. Futures worked lower into the close with contracts down 8 ½ to 12 cents across the board on Tuesday. Open interest was down 6,473 contracts on Tuesday mainly in November (-32,496) ahead of Friday’s first notice day. The cmdtyView national average Cash Bean price was down 11 3/4 cents at $11.72. Soymeal futures were down $1.10 to $5.60, with Soy Oil futures 16 to 30 points lower. The average close for November soybean futures in October has been $12.70, as there are just 4 days left for the harvest price crop insurance discovery period.

The NASS Crop Progress report indicated 79% of the US soybean harvest was complete, now 2 percentage points ahead of normal. 

ANEC estimates the Brazilian soybean exports at 6.15 MMT for October, which was a 0.35 MMT drop from their prior estimate. That would be a 16.5% drop from the previous month and 8.59% below last year.

China’s Sinograin sold 172,240 MT of the 512,000 MT offered in an auction on Tuesday. They will auction off another 402,000 MT of imported beans on Tuesday, November 3. 

Nov 26 Soybeans  closed at $12.29 1/4, down 12 cents, currently up 4 cents

Nearby Cash  was $11.72 1/1, down 11 3/4 cents,

Jan 27 Soybeans  closed at $12.43, down 9 1/2 cents, currently up 3 cents

Mar 27 Soybeans  closed at $12.51 3/4, down 9 1/4 cents, currently up 2 1/2 cents

Nov 27 Soybeans  closed at $12.12 1/2, down 8 3/4 cents, currently up 1 1/2 cents

New Crop Cash  was $11.45 1/4, down 8 1/2 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.