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Soybean Surge Continues

Soybeans moved another 12 cents higher overnight after a strong Monday

Cody Headshot

Corn, soybeans and wheat have continued to move higher following yesterday’s technical breakout for soybeans. Coming into the morning trade break soybeans is up 15 cents, wheat is up 7 cents, and corn is up. A surging spot soymeal market as contributed to strength out of soybeans. Just in the last two days the December soymeal contract has broken out and rallied nearly 10%.

The talk regarding wheat this morning seems generally favorable for prices as concern about Australia’s 14/15 wheat production falling as much as 5 percent due to unfavorable weather in key growing regions. We also saw some demand for domestic wheat this morning when the Taiwan Flour Millers association purchased 41,250 metric tons of U.S milling wheat. Heavy purchasing of feed wheat by the Iranian government has caused demand to rise for feed grains. Over the last week Iran has purchased 60,000 tons of animal feed barley from the Black Sea region.

Yesterday’s crop progress report showed sizeable harvest improvements across the grain belt. 46% of U.S. corn is now harvested, just edging out expectations for 45% in this week’s report. Soybeans was right in line with trade expectations at 70% harvested.

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