Soybeans Rallying Ahead of the Holiday

Market Overview - Soybean prices increased by 7 to 9 cents across the front months, with the national average cash bean price rising by 8.5 cents to $10.61.5 [1] - Soymeal futures remained steady to 60 cents higher, while Soy Oil futures were steady to 38 to 41 points higher [1] - The market will be closed on Thursday for Thanksgiving, with a hard open at 8:30 CST on Friday and an early close [1] Trade Activity - Reports indicate that China purchased an additional 10 cargoes of US soybeans for January shipment [2] - USDA's flash sale announcements were quiet, lacking any official confirmation [2] Speculator Positions - Commitment of Traders data revealed soybean speculators held a net short position of 391 contracts as of October 14, with a slight increase of 38 contracts during that week [3] - January 26 Soybeans are priced at $11.33.25, up 8.5 cents, while nearby cash is at $10.61.5, also up 8.5 cents [3] - March 26 Soybeans are at $11.42.5, up 7.75 cents, and May 26 Soybeans are at $11.52.25, up 7.25 cents [3]