Soybeans Close the Week on a Bounce

Soybeans posted some strength to close out the week, as contracts were up 8 to 10 cents. January was up 1 ¾ cents on the week that saw several double digit swings.  There were another 36 deliveries issued overnight, taking the total to 1,506 for the month. The cmdtyView national average Cash Bean price was 9 3/4 cents lower at $10.43 ¾. Soymeal futures are back up on Friday, with contracts $1 to $4.40 higher in the front months, as December was down $4.50 on the week. Soy Oil futures were 30 to 44 points higher, with December bouncing a whole penny on the week.

The EPA granted full exemptions on 2 more refineries and 12 partial exemptions on Friday, cleaning up the remainder of the backlog of small refinery exception requests.Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.

China reinstated eligibility for 3 US soybean export firms to ship beans to the country. Chinese customs data showed a total of 9.48 MMT of soybeans were imported during October, down from 12.87 MMT in September.

The Argentina soybean crop is estimated at 4.4% planted, which is down 4 percentage points from a year ago according to the Buenos Aires Grain Exchange.

Nov 25 Soybeans closed at $11.01 3/4, up 10 cents,

Nearby Cash was $10.43 3/4, up 9 3/4 cents,

Jan 26 Soybeans closed at $11.17, up 9 1/2 cents,

Mar 26 Soybeans closed at $11.25 3/4, up 8 1/4 cents,

New Crop Cash was $9.25 1/1, down 9 1/2 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. For more information please view the Barchart Disclosure Policy here.

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