Soybean Closes Off the Highs, After Rallying to 15 Month High

Soybeans posted 4 ¾ to 11 ¼ cent gains across the board on Tuesday, as contracts fell off the intraday highs. The cmdtyView national average Cash Bean price is 11 3/4 cents higher at $10.10 1/2. Soymeal futures are up $6.20 to $8.50, with Soy Oil futures 16 to 51 points lower. 

Optimism continues ahead of the Trump/Xi meeting this week, though few details about the trade talks from the weekend have been revealed. 

Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

 

The trade is looking for soybeans to be near 84% harvested as of 10/26. The Crop Progress report was not reported due to the government shutdown.

Brazil soybean exports are seen at 7 MMT in October according to ANEC, a drop of 0.34 MMT from last week’s estimates

Nov 25 Soybeans  closed at $10.78 1/4, up 11 cents,

Nearby Cash  was $10.10 1/2, up 11 3/4 cents,

Jan 26 Soybeans  closed at $10.95 1/4, up 10 1/4 cents,

Mar 26 Soybeans  closed at $11.06 3/4, up 11 1/4 cents,