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Barchart
Barchart
Austin Schroeder

Soybean Rally Extending to Tuesday Morning

Soybeans are trading with 6 to 9 cent gains early on Tuesday morning. Futures were in rally mode on Monday, with nearby contracts up 23 to 32 3/4 cents. Open interest data suggested net new buying, up 9,524 contracts on Monday. The cmdtyView national average Cash Bean price was 33 1/2 cents higher at $10.84 1/2. Soymeal futures were back up $2.20 to $6.40 on Monday, with Soy Oil futures 60 to 99 points higher.

Wire reports indicated at least 14 cargoes (~840,000 MT) were purchased by China on Monday, with some pushing that number towards 20 cargoes (1.2 MMT). 

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