Soybeans are trading with 10 to 12 cents across most contracts on Wednesday, as the market gets prepped for the Thursday Holiday. The cmdtyView national average Cash Bean price is 10 1/4 cents higher at $9.90. Soymeal futures are trading with gains of $3 to $3.30, as Soy Oil futures are up 60 to 66 points. The markets will close early today with the next open on Friday at 8:30 am CST.
USDA has export sale commitments for soybeans at 25.778 MMT, which is down 33% from the same period last year as of 12/11. That it 58% of USDA’s export projection and lagging the 79% average pace.
Commitment of Traders data from Tuesday afternoon showed managed money cutting back another 32,560 contracts from their net long position in the week ending on 12/16 to 147,778 contracts.
Buenos Aires Grains Exchange data showed 75.5% of the soybean crop planted, below the average pace. Condition ratings were pegged at 67% good/excellent, which is 5 points above last year.
Jan 26 Soybeans are at $10.61 3/4, up 10 1/4 cents,
Nearby Cash is at $9.90, up 10 1/4 cents,
Mar 26 Soybeans are at $10.75 1/4, up 11 1/2 cents,
May 26 Soybeans are at $10.86 1/4, up 12 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. This article was originally published on Barchart.com
