The soy market is trading higher on Wednesday with beans up by ~1%, meal up by ~1.4%, and soy oil ~1% in the black. May beans are bumping their head against the $12 mark at midday with a 13 cent gain to the high for the day. Soymeal futures are also near their daily high with $4 to $5.30/ton gains. Soy Oil futures are back up by 50 points.
USDA reported a 120k MT sale of new crop soybeans to unknown this morning.
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 are at $11.99 1/2, up 14 cents,
Nearby Cash is at $11.43, up 14 cents,
Jul 24 Soybeans are at $12.13, up 12 3/4 cents,
Nov 24 Soybeans are at $11.93, up 11 3/4 cents,
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