Soybeans were in rally mode to close out 2024, as contracts were up 14 1/2 to 19 1/4 cents on New Years Eve. There were 109 deliveries issued against January soybean futures on FND. CmdtyView’s national front month Cash Bean price was up 17 cents at $9.49 1/2. Soymeal futures were up $4.60 to $5.40/ton. There were 1,116 deliveries issued against January bean meal on First notice day. Soy Oil futures were up 6 to 14 points. There were 425 deliveries issued against Jan bean oil overnight, all by a JP Morgan customer.
The market will be closed on Wednesday, with a hard 8:30 am CST open on Thursday. The weekly Export Sales report is pushed back to Friday morning. The monthly Fats & Oils report will be released on Thursday afternoon, with analysts expecting to see 207.2 mbu of soybean crushed during November. Soy oil stocks are estimated at 1.478 billion lbs at the end of November.
Monthly EIA data showed 1.227 billion gallons of bean oil used in biofuel production during October, the most since June and third most for any month all time.
Jan 25 Soybeans closed at $9.98 1/4, up 16 1/4 cents,
Nearby Cash was $9.49 1/2, up 17 cents,
Mar 25 Soybeans closed at $10.10 1/2, up 18 3/4 cents,
Jul 25 Soybeans closed at $10.34 3/4, up 19 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.
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