Soybeans are trading with 6 to 7 ¼ cent gains early on Wednesday morning. Beans ended Tuesday mixed, within 3 cents of UNCH. New crop prices settled the day in the black, but 3c off their session highs. Old crop prices ended the day in the red, but ~4 cents off their session lows. Soymeal futures closed Tuesday with $1.70 to $2 gains. Soy Oil futures went home with 56 to 60 point losses across the front months.
China is approving GMO soybean varieties in an effort to boost abysmal average yields that are not only below the US and Brazil but also consistently below the world average.
Brazil’s AgRural had soybean harvest at 63% complete as of 3/14. That was up from 55% last week and remains ~1% point ahead of last year’s pace.
May 24 Soybeans closed at $11.85 1/2, down 2 1/4 cents, currently up 7 1/2 cents
Nearby Cash was $11.29, down 2 3/8 cents,
Jul 24 Soybeans closed at $12.00 1/4, down 2 cents, currently up 6 1/2 cents
Nov 24 Soybeans closed at $11.81 1/4, up 3/4 cent, currently up 7 1/2 cents
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