Soybeans are trading with weakness across most contracts on Wednesday morning. Futures saw late session strength, with contracts closing 5 to 7 cents higher. Open interest was up 11,056 contracts on Tuesday, mostly in the new crop months. There were another 244 deliveries issued overnight. The cmdtyView national average Cash Bean price was up 6 1/2 cents at $10.97 1/2. Soymeal futures were up 20 cents to $2.20 on the day, with Soy Oil futures 6 to 12 points higher in the front months.
The market continues to digest the unfolding Middle East situation, as China officially called for a halt to the military operations. US and Chinese trade officials will bean in the middle of the month to plan for the Trump/Xi meeting in late March.
Mar 26 Soybeans closed at $11.55 3/4, up 5 3/4 cents, currently up 1 3/4 cents
Nearby Cash was $10.97 1/2, up 6 1/4 cents,
May 26 Soybeans closed at $11.70 1/2, up 6 1/2 cents, currently down 3 cents
Jul 26 Soybeans closed at $11.83 1/4, up 6 1/4 cents, currently down 2 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.
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