Soybeans are showing 3 to 5 cent gains in the front months on Monday morning. Futures posted gains of 7 to 9 cents across most contracts on Friday, helping to push the weekly gain to 55 cents for November. Total open interest was up 6,882 contracts on Friday, implying new buying. There were 207 deliveries issued on Friday night, taking the total to 884 for the month. The cmdtyView national average Cash Bean price was 6 1/4 cents higher at $10.33 1/2. Soymeal futures were up $4.50 to $6.10, with December rallying $27.50 on the week. Soy Oil futures were 68 to 97 points lower, as December fell 159 points since last Friday.
November soybeans averaged a close of $10.35 throughout October, which should be the harvest price for Crop Insurance. That is up 32 cents from last year but down 19 cents from the spring price.
China reported purchased another 4 cargoes of soybeans following the US/China meeting last week. The trade will be watching if China is a destination in this morning’s Export Inspections report with data that ended on Thursday.
EIA data showed a total of 1.041 billion lbs of soybean oil used in biodiesel production in August. That was down 14.48% yr/yr and 6.09% below July. It was also 39.15% of the total biodiesel feedstock in August, which was the highest inclusion rate since September 2023.
AgRural estimates the Brazilian soybean crop at 47% planted, as of Thursday, now behind the 54% pace from last year.
Nov 25 Soybeans closed at $10.99 3/4, up 8 1/2 cents, currently up 5 cents
Nearby Cash was $10.33 1/2, up 6 1/4 cents,
Jan 26 Soybeans closed at $11.15 1/4, up 7 1/2 cents, currently up 3 1/2 cents
Mar 26 Soybeans closed at $11.23 3/4, up 8 cents, currently up 3 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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