Ahead of the weekend soybean futures are trading mostly lower, with losses limited to 2 3/4 cents. November’s inverse is weakening, now near plus 1/2 cent to Jan. Carry in Chinese beans is 17 yuan/MT (~7 cents/bu) from November to January. Carry for Dalian No 2 soybeans is 92 yuan/MT (~37 cents) form Nov to Jan. CBT meal futures are giving back $1.20 to $1.60/ton at midday. Midday BO futures are trading 14 to 15 points higher so far. Malaysian palm oil November contracts recovered 168 ringgits over the last three sessions, closing at 3,060 on 10/22. The Malaysian palm oil futures market is still inverted, with Nov a 1.5% premium to Dec and a 4% premium to Jan.
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Nov 20 Soybeans are at $10.71, down 2 3/4 cents, |
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Jan 21 Soybeans are at $10.70 1/2, down 1 3/4 cents, |
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Mar 21 Soybeans are at $10.58 3/4, unch, |
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May 21 Soybeans are at $10.54 3/4, down 1/4 cent, |
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Dec 20 Soybean Meal is at $380.80, down $1.60 |
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Dec 20 Soybean Oil is at $33.83, up $0.14 |
--- provided by Brugler Marketing & Management
