Soybeans Turn Higher into the Tuesday Close

Soybean futures came back on Tuesday to close with fractional to 3 ½ cent gains, led by the deferreds. The cmdtyView national average Cash Bean price was 1 ¼ cents higher at $9.36 3/4. Soymeal futures were down 40 cents to $3.80 on Tuesday, with Soy Oil futures 18 to 35 points higher.

Crop Progress data showed a condition ratings continuing to decline, down 2% to 61% gd/ex. The Brugler500 index (using all 5 USDA categories) was down 4 points to 358 and now 4 points below the same week last year. Improvement was noted in IL (+3), MN (+2), and SD (+1). Other states saw some deterioration, with IN an IA down 2, MO down 4, and NE slipping 3.

Overnight, Pakistan importers purchased 180,000 MT of soybeans, with US origin expected. Following the suspension of the Argentina export tax, China has reportedly purchased several (reports of 10-15) cargoes of Argentine beans.

Nov 25 Soybeans  closed at $10.12, up 1 cent,

Nearby Cash  was $9.36 3/4, up 1 1/4 cents,

Jan 26 Soybeans  closed at $10.31 3/4, up 1 1/4 cents,

Mar 26 Soybeans  closed at $10.47 3/4, up 3/4 cent,

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