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Barchart
Austin Schroeder

MYSTERIOUS: Soybeans post double digit gains on wednesday - You Need To See This

Oil CmdtyView

Soybeans saw gains of 12 to 14 cents in the front months on Wednesday. The cmdtyView national average Cash Bean price was up 12 cents at $11.39 1/4.  Soymeal futures were up 10 to 90 cents, with Soy Oil futures 122 to 175 points higher. There were 200 deliveries issued overnight against March soybean oil. Crude oil is back up another $5.44 on Wednesday, adding some premium pack in as the Iran situation continues to unfold despite the International Energy Agency agreeing to release 400 million barrels of ethanol reserves. 

Bean oil gained some strength as EPA’s RVO figure for this year was reportedly leaked near the 5.4 billion gallon level. The figure should be officially announced later this month.

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