Soybeans trend up, while boxed beef trends down
Soybean futures continue to show green, supported by strong demand from crushers.
This morning’s monthly crush report was a million bushels more than trade expectations. On Tuesday, oilseed ended at more than a two week high.
Allendale’s Rich Nelson says that it has the appearance that it could make another run this week.
According to Nelson, “Now, we have a rising discussion of strong domestic demand. Certainly, yesterday’s domestic crushing numbers from NOBA got the trade excited for November, they were 10 percent over last year at a new record high from the previous November’s. So, certainly on the chart side we’re reinvigorating some discussions right now.”
Boxed beef cutouts are on a downward trend.
One market economist says that it could be a seasonal reduction, but it could also be a more disturbing sign.
“I think it spills over from food services kind of mothballed, we’re hinging on retail demand. We’re going to keep doing that for the weeks ahead. The only bright spot... was the rib primal is still up and it’s carrying today, so to speak. You know my gut tells me it’s the typically seasonal and some more. I hope we don’t have some fatigue from home cooking, like we have for several months but that could be building as we speak,” KSU’s Dr. Glynn Tonsor states.
Choice boxed beef cutouts ended yesterday down 87 cents, while select was down 10 cents.