Soybean Prices Surge; China Buys, Market Prepares for Holiday

Soybean prices surged today, with immediate deliveries seeing a seven to nine cent increase, and the national average cash price rising by eight and a half cents to $10.61 and a half. Soymeal futures held steady, while soy oil futures saw gains of up to forty-one points. The market will be closed tomorrow for Thanksgiving, reopening Friday with a hard open at 8:30 AM CST, marking the first notice day for December meal and oil futures. Chinas recent soybean purchases and Commitment of Traders data showing a modest increase in net short position by speculators contributed to the markets upward momentum.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.