Soybeans Head into Holiday with Gains

CL=F +0.73% ZS=F +0.07% ZW=F +0.09%

Soybeans were 5 to 7 cents higher across the front months on Wednesday, as bulls were busy buying ahead of the holiday. The cmdtyView national average Cash Bean price was 6 3/4 cents higher to $10.59 3/4. Soymeal futures were mixed, with contracts withing 50 cents of unchanged, as Soy Oil futures were 32 to 57 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.

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Wire reports indicate that China had purchased another 10-15 cargoes of US soybeans for January shipment late on Tuesday. USDA’s flash sale announcements were quiet this morning, lacking any official confirmation.

China also barred a shipment of Brazilian soybeans on Wednesday after finding wheat mixed with pesticides mixed in the cargo. Exports from 5 exporters will reportedly be suspended as of Thuesday.

USDA’s Export Sales data for the week ending on October 16 will be out on Friday, with traders looking for between 0.6 and 2 MMT of soybean sales. Daily flash sale announcements totaled 373,400 MT in that week all to Mexico.

Jan 26 Soybeans  closed at $11.31 1/2, up 6 3/4 cents,

Nearby Cash  was $10.59 3/4, up 6 3/4 cents,

Mar 26 Soybeans  closed at $11.40 3/4, up 6 cents,

May 26 Soybeans  closed at $11.50 1/2, up 5 1/2 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