Soybeans Rallying Ahead of the Holiday

CL=F +0.73% ZS=F +0.07%

Soybeans are up 7 to 9 cents across the front months on Wednesday. The cmdtyView national average Cash Bean price is 8 1/2 cents higher to $10.61 1/2. Soymeal futures are steady to 60 cents higher, with Soy Oil futures steady to 38 to 41 points higher. The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday and an early close. Friday is also first notice day for December meal and oil futures.

Wire reports indicate that China had purchased another 10 cargoes of US soybeans for January shipment late on Tuesday. USDA’s flash sale announcements were quiet this morning, lacking any official confirmation.

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Commitment of Traders data showed soybean speculators at a net short position of 391 contracts as of 10/14. That was just a 38 contract increase in the net short position during that week.

Jan 26 Soybeans  are at $11.33 1/4, up 8 1/2 cents,

Nearby Cash  is at $10.61 1/2, up 8 1/2 cents,

Mar 26 Soybeans  are at $11.42 1/2, up 7 3/4 cents,

May 26 Soybeans  are at $11.52 1/4, up 7 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. This article was originally published on Barchart.com