Soybeans on Monday morning showed gains of between 3 and 5 cents in the first months. Futures posted gains of 7 to 9 cents in most contracts on Friday, helping push the weekly gain to 55 cents in November. Total open interest increased by 6,882 contracts on Friday, implying new buying. There were 207 deliveries made on Friday night, bringing the total to 884 for the month. cmdtyView’s national average Cash Bean price was 6 1/4 cents higher at $10.33 1/2. Soybean meal futures rose $4.50 to $6.10, and December was up $27.50 on the week. Soybean oil futures were down between 68 and 97 points as December fell 159 points from last Friday.
November soybeans averaged a close of $10.35 for the entire month of October, which should be the harvest price for Crop Insurance. That’s 32 cents more than last year, but 19 cents less than the spring price.
China reported purchasing another 4 shipments of soybeans following last week’s US-China meeting. Trade will be watching whether China is a destination in this morning’s Export Inspections report with data ending Thursday.
EIA data showed a total of 1.041 million pounds of soybean oil used in biodiesel production in August. That was 14.48% year over year and 6.09% less than July. It also accounted for 39.15% of total biodiesel feedstock in August, the highest inclusion rate since September 2023.
AgRural estimates that the Brazilian soybean crop was 47% planted as of Thursday, now behind last year’s 54% pace.
On Nov. 25, soybeans closed at $10.99 3/4, up 8 1/2 cents, currently up 5 cents.
The cash close was $10.33 1/2, an increase of 6 1/4 cents,
January 26 Soybeans closed at $11.15 1/4, up 7 1/2 cents, currently up 3 1/2 cents.
March 26 Soybeans closed at $11.23 3/4, 8 cents higher, currently 3 cents higher
As of the date of publication, Austin Schroeder had no (directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are for informational purposes only. This article was originally published on Barchart.com