Beans on the Up and Up
Soybeans are showing strength with 6 to 7 ¼ cent gains as Wednesday dawns. Yesterday saw beans closing a mixed bag, hovering within 3 cents of being unchanged. Interestingly, new crop prices wrapped the day in positive territory but were 3 cents shy of their peak. On the flip side, old crop prices concluded in the red, yet were ~4 cents away from their lows.
Push for Improvement
China is shaking things up by approving GMO soybean varieties to rev up their disappointing average yields. These yields not only trail behind the US and Brazil but consistently fall short of the global average.
Brazil’s Progress
As of March 14th, Brazil’s AgRural reported that soybean harvesting sat at a solid 63% completion rate. This figure represents an increase from 55% last week and maintains a lead of approximately 1% over last year’s progress.
May 24 Soybeans closed at $11.85 1/2, slipping 2 1/4 cents, but currently clawing back with a 7 1/2 cent gain.
Nearby Cash was $11.29, down 2 3/8 cents.
Jul 24 Soybeans wrapped up at $12.00 1/4, dropping 2 cents, yet bouncing back with a 6 1/2 cent increase.
Nov 24 Soybeans sealed at $11.81 1/4, climbing 3/4 cent, and currently strengthening by 7 1/2 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
