Soybeans are trading with 8 to 10 cent gains to start Monday morning trade. Futures were in rally back mode on Friday, as contracts were up 7 to 9 cents on the session. November popped 12 ¾ cents higher last week after holding a test of $10. Preliminary open interest was down 14,466 contracts on Friday. The cmdtyView national average Cash Bean price was 9 1/4 cents higher at $9.45 ½, as basis seemed to firm somewhat. Support from the products was noted, as Soymeal futures were up $2.40 to $4.10 on the day, to have December close with a $6 gain on the week. Soy Oil was 24 to 29 points higher on Friday, with December 116 points higher over the 5 trade days.
Over the weekend President Trump stated he was confident in reaching a soybean deal with China and he “wants China to buy soybeans at least in the amount they were buying before.
With just 2 weeks left for the Crop Insurance discovery for the harvest price, November soybean futures have averaged $10.16 thus far. That is down from $10.54 from the Feb price but up from $10.03 from last year’s fall price.
Brazil’s soybean crop was pegged at 24% planted by Thursday according to AgRural, ahead of the 18% pace from the same week last year.
Nov 25 Soybeans closed at $10.19 1/2, up 8 3/4 cents, currently up 8 1/2 cents
Nearby Cash was $9.45 1/2, up 9 1/4 cents,
Jan 26 Soybeans closed at $10.36 3/4, up 8 1/4 cents, currently up 9 1/4 cents
Mar 26 Soybeans closed at $10.50 3/4, up 7 cents, currently up 9 1/2 cents
