Soybeans rose 5 to 7 cents in the early months on Wednesday as bulls were busy buying ahead of the holidays. cmdtyView’s national average Cash Bean price was 6 3/4 cents higher at $10.59 3/4. Soybean meal futures were mixed, with contracts at 50 cents unchanged, while soybean oil futures rose between 32 and 57 points.
The market will be closed on Thursday for Thanksgiving, with a full opening at 8:30 CST on Friday and an early closing. Friday is also the first warning day for December flour and oil futures.
Telegraph reports indicate that China had purchased another 10 to 15 cargoes of U.S. soybeans for shipment in January by late Tuesday. USDA flash sale announcements were muted this morning and lacked official confirmation.
China also banned a shipment of Brazilian soybeans on Wednesday after finding wheat laced with pesticides in the shipment. Exports from five exporters will reportedly be suspended from Tuesday.
USDA export sales data for the week ending October 16 will be released on Friday, with traders expecting between 0.6 and 2 million tons of soybean sales. Daily flash sales announcements totaled 373,400 MT that week, all to Mexico.
On Jan. 26, soybeans closed at $11.31 1/2, up 6 3/4 cents.
Nearby cash was $10.59 3/4, up 6 3/4 cents,
March 26 Soybeans closed at $11.40 ¾, up 6 cents.
On May 26, soybeans closed at $11.50 1/2, an increase of 5 1/2 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