Soybeans closed Tuesday with contracts between 11 and 13 cents higher in the first months. cmdtyView’s national average Cash Bean price rose 11 3/4 cents to $10.56 1/4. Soybean meal futures were up between $2.10 and $3.20 during the day, and soybean oil futures were between 50 and 58 points in the green during the day. The average close for November futures in February has been $10.91, as spring pricing pricing for crop insurance is underway.
This morning’s WASDE data indicated no adjustments to the US ending stocks projection, which was left at 350 mbu.
Of the major global adjustments, Brazil rose by 2 MMT as expected to 180 MMT, and Argentina stayed at 48.5 MMT. The World Ag Outlook Board also raised the global ending stocks figure by 1.10 million tonnes to 125.51 million tonnes.
ANEC estimates Brazilian soybean exports at 11.71 MMT during February, 0.29 MMT more than the previous day.
March 26 Soybeans closed at $11.22 1/2, up 11 3/4 cents.
The cash close was $10.56 1/4, an increase of 11 3/4 cents,
On May 26, soybeans closed at $11.37 1/2, an increase of 12 1/2 cents.
July 26 Soybeans closed at $11.49 1/2, up 13 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