Soybeans are seeing buying of 7 to 8 cents on Thursday morning after a wild overnight that saw November and January with a 44 cent range. Futures rounded out the Wednesday trade with contracts within 2 cents of unchanged. Open interest was down 11,267 contracts on Wednesday. The cmdtyView national average Cash Bean price was 2 1/4 cents higher at $10.13 1/2. Soymeal futures were up $1 to $2.20, with Soy Oil futures 9 to 20 points lower.
November soybeans have now averaged a close of $10.29 throughout October, elevated by the recent rally. Last year’s harvest price for crop insurance was $10.03, with the spring price at $10.54.
