Soybeans are back to higher trade on Wednesday, with contracts up 1 to 3 1/2 cents. The cmdtyView national average Cash Bean price is 3 1/4 cents lower at $10.20 1/4. Soymeal futures are steady to $1.10 in the red, with Soy Oil futures 10 to 46 points higher. There was another delivery for December soybean meal overnight, with 8 more issued for December soybean oil.
USDA reported private export sales of 136,000 MT of soybeans to China and 119,000 MT to unknown destinations, as well as 212,000 MT to unknown received in the reporting period. Another 120,000 MT of soybean meal was sold to Poland.
An aged CFTC Commitment of Traders report showed another 60,194 contracts added to the managed money net long position as of November 4, taking it to 178,683 contracts. The two week move was 143,354 contracts to the long side, the largest 2-week bull move on record. CFTC will release another report this afternoon, expediting the catch up on the backlog from the shutdown.
Jan 26 Soybeans are at $10.90 3/4, up 3 1/2 cents,
Nearby Cash is at $10.20 1/4, up 3 1/2 cents,
Mar 26 Soybeans are at $11.00 3/4, up 2 1/2 cents,
May 26 Soybeans are at $11.10, up 1 1/4 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.
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