Soybeans Push Higher on Election Day
Soybean bulls are wont the vote this election day, as contracts were mostly steady to 6 ½ cents higher across the board. CmdtyView’s national front month Cash Bean price was up 5 1/2 cents at $9.45 1/2. Soymeal futures were back up 20 to 80 cents/ton on the session, with December down a dime. Soy Oil futures were back down 35 to 57 points on the day.
Crop Production data will be updated on Friday morning by the USDA, with a Reuters survey of analysts expecting to see 52.8 bpa for yield, a 0.3 bpa drop from last month if realized. The trade range is from 52.1 to 53.8 bpa. Production estimates are running from 4.495 to 4.64 bbu, with an average at 4.557 bbu and down from 4.582 bbu in October.
Soybean shipments totaled 2.98 MMT (109.4 mbu) during September, which was a 4-year high for the month. That was up 73.69% from August and 19.17% larger than last year. Soybean meal exports were a record for September at 1.126 MMT, which was also a 23.81% increase from last month. Bean oil sales were more than double last year by down 37.71% from last year at 27,377 MT.
Nov 24 Soybeans closed at $9.93 3/4, up 6 1/2 cents,
Nearby Cash was $9.45 1/2, up 5 1/2 cents,
Jan 25 Soybeans closed at $10.01 3/4, up 4 1/2 cents,
May 25 Soybeans closed at $10.30 1/2, up 2 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.