The soybean market posted a Turnaround Tuesday bounce of 5 to 8 cents ahead of Wednesday’s Christmas break. Preliminary open interest showed some short covering, down 10,851 contracts. CmdtyView’s national front month Cash Bean price was up 5 3/4 cents at $9.24. Soymeal futures were up $3.40 to $4.20/ton. Soy Oil futures were down 21 to 39 points on the session. Dalian soybean futures in China as some slight gains over the Wednesday session.
The markets will have a hard 8:30 am CST open this morning. The weekly Export Sales report will be released on Friday due to the holiday.
Forecasts for the next week are calling for near normal rains in most of Brazil, with the Southern portion as well as Argentina seeing dryness creep in. The first week plus of January is seeing some extended dryness in those parts.
December soybean exports out of Brazil are expected to total 1.62 MMT according to ANEC, even with last week’s estimate.
Jan 25 Soybeans closed at $9.75 1/4, up 5 3/4 cents,
Nearby Cash was $9.24, up 5 3/4 cents,
Mar 25 Soybeans closed at $9.81 1/4, up 5 3/4 cents,
Jul 25 Soybeans closed at $10.01 1/4, up 7 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. For more information please view the Barchart Disclosure Policy here. More news from Barchart- Merchandiser Insights: Understanding What Basis Moves Are Saying About Supply And Demand In Grains
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