Tidbits, Soybeans Spread, NOPA Crush, Markets & Rain Days Update 12/16/23

Highlights

Those of you with January bean futures or basis contracts looking to roll to March before December 28th, your patience made you 2¼¢ yesterday and 3¼¢ the past 5 days because the January bean contract is gaining on the March contract. That is because the market is paying less and less for storage as the demand is strengthening for the available beans. It certainly helps that the USDA has announced soybean export sales of over 100,000 mts of beans 8 consecutive business days and we had the largest monthly soybean crush in October and November’s NOPA crush up 5.5% from a year ago. It looks like you should stay with the January beans deep into next week at the very least.

For those of you with beans in the bin, likewise, you are being rewarded just the same as if the basis was firming. You want the spot price to gain on the deferred delivery prices.   

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