Soybeans Flashing Double Digit Gains

Early in the Thursday session, soy futures are 7 to 15 cents higher.  Soybean ended Wednesday with 16 to 19 1/2 cent losses. There was some rotation of ownership, with preliminary open interest rising only 792 contracts for the day. The ~15 cent carry for front month soybean futures on Dalian compares to a 2 3/4 cent inverse for March to May on CBT beans. The US national average soybean cash price from cmdtyView was $13.24/bu. Soymeal futures were down $8.10 to $8.60/ton on Wednesday, but BO ended the day 55 to 84 points higher. Export Sales figures are scheduled for tomorrow AM, as the USDA was closed for Martin Luther King jr Day. Chinese import data showed 2020 total CY bean imports were 100.33 MMT.

--- provided by Brugler Marketing & Management




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