Soybeans are trading for double-digit gains of 10 to 13 cents in early trading Tuesday, with January trying to break $11 and November hitting a new calendar-year high. cmdtyView’s national average Cash Bean price is 12 3/4 cents higher, at $10.11 1/4. Soybean meal futures rose between $8.30 and $8.60, and soybean oil futures fell between 72 and 74 points. The optimism continues ahead of the Trump-Xi meeting later this week.
The trade expects soybeans to be close to 84% harvested as of 10/26. The crop progress report was not released due to the government shutdown.
Brazil’s soybean exports are estimated at 7 million tonnes in October according to ANEC, a drop of 0.34 million tonnes from last week’s estimates.
November 25 Soybeans are at $10.79 3/4, up 12 1/2 cents.
Nearby cash is at $10.11 1/4, up 12 3/4 cents.
January 26 Soybeans are at $10.96 3/4, up 11 3/4 cents.
March 26 Soybeans are at $11.08, up 12.5 cents.
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