Soybeans are up 3 to 4 cents on the Friday morning session. Futures posted 4 to 5 cent gains across the front months on Thursday, as slight product value strength provided some support. Open interest rose 6,222 contracts on Thursday. The cmdtyView national average Cash Bean price was 4 1/4 cents higher at $9.36. Soymeal futures were up 50 cents to $1.00 on the day, with Soy Oil 7 to 15 points higher in the nearbys. With the Crop Insurance discovery now over half way through, November soybean futures have averaged $10.15 thus far. That is down from $10.54 from the Feb price but up from the $10.03 from last year’s fall price.
Early on Friday morning, President Trump he think’s we’ll be fine with China ahead of the leaders meeting in a couple weeks.
There has been some chatter that China is holding off on some purchases of Brazilian soybeans due to large premiums. That is not uncommon as Brazil normally runs low on stocks ahead of the supply coming online in Jan/Feb. Additionally they have been tightened as Brazilian exports have been running ahead to fill in the holes from the lack of Chinese buying from the US. China is likely going to have to dip into their state reserves if they insist on staying away from the US.
Nov 25 Soybeans closed at $10.10 3/4, up 4 1/4 cents, currently up 4 cents
Nearby Cash was $9.36, up 4 1/4 cents,
Jan 26 Soybeans closed at $10.28 1/2, up 4 1/4 cents, currently up 3 1/2 cents
Mar 26 Soybeans closed at $10.43 3/4, up 4 cents, currently up 3 1/2 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.
