Soybean futures posted gains of as little as fractionally to as much as 6 ¼ cents on Tuesday. Soymeal turned around on midday weakness to close with contracts up 90 cents to $1.40/ton, with Soy Oil rallying 15 to 24 points.
Soybean planting is off to a decent start, with just OH and IN of the 18 major states lagging the normal pace. IL was 5% above normal, with IA moving at a 6% faster than average pace and MO already 16% planted vs. the 3% average.
Precip across much of the US soybean growing region later this week and into the weekend may put a hold on the speedy planting pace.
May 24 Soybeans closed at $11.67 1/2, up 6 1/2 cents,
Nearby Cash was $11.15 1/4, up 7 cents,
Jul 24 Soybeans closed at $11.82, up 5 1/2 cents,
Nov 24 Soybeans closed at $11.74, up 2 1/4 cents,
New Crop Cash was $11.10 3/8, up 2 1/4 cents,
On the date of publication, Alan Brugler 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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