Soybeans breach $12/Bu on US Export Sales & Argentine Weather: Soybean futures closed above $12 in the Jan-July contracts and exceeded the 2016 high. Soyoil paced the rally amid deepening US discounts to other vegoils. A weekly close above $12.00 March futures will be a strong signal of the next bull leg. US weekly soybean…
Soybean Close Lower On Technical Inability to Rise Above $12/March; Spreads Suggest Tightening Cash Market: Soy futures were up overnight but gave back gains as March futures failed to perch $12.00 resistance. Meal held its gain on talk of elevated Gulf interest for spot soymeal cargoes via the Argentine strike. Several SE Asian feed compounders…
Soybean Futures Advance On Widening Argentine Labor Strikes: Lower overnight trade uncovered solid demand that left soybean futures 12-15 cents higher at the close. January soybean meal led Tuesday’s initial rally while soyoil contracts posted to new contract highs. NOPA reported soybean meal exports of 1.08 MSTs, or the largest 1-month NOPA export total since…
Soybeans Higher on Threatening S American Weather and Tightening Cash Markets: Soybeans held gains into the close amid dry S American weather forecasts and higher world vegoil prices. Soybean oil led the CBOT rally as Malaysian palm oil futures pushed against a new contract high. Last week the Malaysian Palm Oil Board reported November production…
Soybean Quietly Trade Higher To End The Week: Soy futures rose 6-8 cents to end the week, led by a strong rally in December soyoil ahead of next week’s expiration. Spot soybean oil stopped just short of $.40/lb and traded the highest price since July 2014. FAS made a rare soybean meal export sales announcement…
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