A Review of the spot Soybean Market in the United States on November 12: the price of soybean spot spread rose

On November 12, spot basis prices for soybeans in the Midwest of the United States rose, reversing the recent decline, mainly due to a slowdown in the pace of delivery by farmers.

According to the USDA, 23336 grain wagons were transported by rail in the week to Nov. 12, down 1.5% from a week ago, due to soaring transportation costs.

On Nov. 12, soybean CIF basis quotes in the Louisiana Bay area rose 5 cents.

Although the export market is stable, soybean base prices in inland areas continued to fall this week. The weather in soybean producing areas is sunny and dry this week, and farmers have accelerated the pace of soybean harvest. Soyabeans are down 14 cents this week, while corn is down 3 cents.

Analysts pointed out that although the weather is still good, soybean export base prices are likely to be under pressure in the coming days.

The USDA announced that private US exporters had sold 116000 tons of soybeans to China, boosting soyabean prices. Recently, the pace of soybean harvest has accelerated, which has put pressure on the disk, but the harvest work in some areas is nearing completion.