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Soybeans Post Double Digit Gains on Tuesday
Soybeans pushed 10 to 12 cents higher across most contracts on Tuesday. CmdtyView’s national front month Cash Bean price was up 11 ¼ cents at $9.35. Soymeal futures were down 20 to 70 cents/ton at the close. Soy Oil contracts were 102 to 130 points higher across the board on the session.
The average close for November soybean futures so far in October is $10.12. That is $1.43 below the February base insurance price.
Monday’s Crop Progress report showed the US soybean harvest now 81% complete as of October 20. That is well above the 67% average harvest pace over the last 5 years. All of the reported 18 states were shown with a faster than normal harvest pace.
Brazil’s ANEC estimates the country’s soybean exports to total 4.63 MMT in October, which is up 0.29 MMT from their previous estimate but would be a decline from the 5.53 MMT future from last year.
Nov 24 Soybeans closed at $9.91 3/4, up 10 3/4 cents,
Nearby Cash was $9.35, up 11 1/4 cents,
Jan 25 Soybeans closed at $10.00 1/2, up 10 3/4 cents,
May 25 Soybeans closed at $10.26 3/4, up 10 3/4 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.