Soybean prices are facing declines of 2 to 4 cents across most futures contracts on Wednesday, as November approaches the critical $10 threshold at midday. The cmdtyView national average Cash Bean price has decreased by 4 ¾ cents to $9.20 ¼. Soymeal futures have fallen between $1.90 and $3.70 per ton, while Soy Oil futures are seeing a modest uptick of 60 to 64 points.
The persistent absence of export business as we enter the peak period of soybean exports is exerting sustained pressure on the market.
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Analysts project that the soybean crush for August will reach 196.4 million bushels. The Fats & Oils report is set to be released this afternoon, although its publication has been delayed due to the ongoing government shutdown.
November 25 Soybeans are currently priced at $9.99 1/4, reflecting a drop of 2 1/2 cents,
Nearby Cash stands at $9.20 1/4, down 4 3/4 cents,
January 26 Soybeans are at $10.17 1/4, down 3 cents,
March 26 Soybeans are at $10.33, down 2 3/4 cents,
As of the publication date, Austin Schroeder has no direct or indirect positions in any of the securities mentioned in this article. All data and information in this article is intended for informational purposes only. This article was originally published on Barchart.com
