Beans Making Midday Gains

Soybean futures are trying to mitigate some of yesterday’s losses with nearby futures gaining 3 to 3 1/4 cents at midday. Soybean meal is up $1.70/ton, and soybean oil shows 31 point gains for midday. Soybean basis is -0.6265, bringing the monthly average to -0.6638 so far, the trend is 13 consecutive days of tightening dating back to the start of the month when the basis was -0.7292. last year the basis for 11/19 was -0.8881, and the Nov average up till then had been -0.9827. Bean harvest was 91% complete in USDA’s weekly Crop Progress report.

JAN 19 Soybeans are at $9.13 1/2, up 3 1/4 cents,

MAR 19 Soybeans are at $9.26 1/4, up 3 1/4 cents,

MAY 20 Soybeans are at $9.38 1/4, up 3 1/4 cents,

JUL 20 Soybeans are at $9.48 3/4, up 3 cents,

DEC 19 Soybean Meal is at $302.90, up $1.70,

DEC 19 Soybean Oil is at $30.95, up $0.31

--- provided by Brugler Marketing & Management

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