Soybeans Pushing Higher to Kickoff Election Day
Soybeans are trading with 3 to 4 cent gains on Tuesday morning, with November ticking lower in deliveries. There were just 2 deliveries issued overnight. Futures settled Monday with contracts up 1 ½ to 4 ¾ cents across the board. CmdtyView’s national front month Cash Bean price was up 4 cents at $9.39 3/4. Soymeal futures were up 90 cents to $4.30/ton to close out the session. Soy Oil futures fell back 13 to 74 points across the board on Monday.
The US soybean harvest was tallied at 94% complete as of Sunday, 9 percentage points faster than the 5-year average.
The weekly Export Inspections report from FGIS showed 2.159 MMT (79.32 mbu) of soybeans exported in the week of October 31. That was down 17.9% from the week prior’s revised (235,000 MT higher) total and 1.1% below the same week last year. Of that total, 1.399 MMT was shipped to China, with 134,308 MT to Mexico. Marketing year shipments are at 12.8 MMT (470 mbu), which is now 3.5% above the same period last year.
StoneX estimates the US soybean crop yield at 52.6 bpa in their latest release, down 0.9 bpa from their previous release.
Nov 24 Soybeans closed at $9.87 1/4, up 4 3/4 cents, currently down ¼ cent
Nearby Cash was $9.39 3/4, up 4 cents,
Jan 25 Soybeans closed at $9.97 1/4, up 3 1/2 cents, currently up 4 1/4 cents
May 25 Soybeans closed at $10.28 1/4, up 3 1/4 cents, currently up 3 3/4 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.