Thursday, February 11, 2010

Soybeans Up on Storage, Cash Market

Soybean Futures

With soybean futures prices dropping over 9 percent already in 2010, farmers have been storing their crops for better prices, while cash markets have also tightened up.

Weather in the midwest has also played a role as roads are so bad that the soybeans which want to be sent to processors or elevators are kept from being delivered, helping press prices higher over the last couple of days.

Consequently, 143 soybean contracts were canceled which had been ready for delivery, according to the Chicago Board of Trade. Supplies at elevators and processors will now have to be held going forward, although some being stored at those places have already been taken out to be used.

Soybean Futures

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