Soybeans were in rally back mode on Friday, as contracts were up 7 to 9 cents on the session. November popped 12 ¾ cents higher this week after holding a test of $10. The cmdtyView national average Cash Bean price was 9 1/4 cents higher at $9.45 ½, as basis seemed to firm somewhat.
Support from the products was noted, as Soymeal futures were up $2.40 to $4.10 on the day, to have December close with a $6 gain on the week. Soy Oil was 24 to 29 points higher on Friday, with December 116 points higher over the 5 trade days.
With just 2 weeks left for the Crop Insurance discovery for the harvest price, November soybean futures have averaged $10.16 thus far. That is down from $10.54 from the Feb price but up from $10.03 from last year’s fall price.
Early on Friday morning, President Trump he think’s we’ll be fine with China ahead of the leaders meeting in a couple weeks. He also stated the 100% tariffs on China are not sustainable.
Nov 25 Soybeans closed at $10.19 1/2, up 8 3/4 cents,
Nearby Cash was $9.45 1/2, up 9 1/4 cents,
Jan 26 Soybeans closed at $10.36 3/4, up 8 1/4 cents,
Mar 26 Soybeans closed at $10.50 3/4, up 7 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
