Follow U.S. Investment Immigration and U.S. Economic news: On November 12, the spot basis price of soybeans in the U.S. Midwest remains stable due to strong soybean demand and the nearing completion of the soybean harvest, which has improved market supply.
Analysts state that the soybean harvest in the U.S. is nearing completion, improving market supply. However, export demand for soybeans remains strong.
The U.S. Department of Agriculture announced that U.S. private exporters sold 116,000 tons of U.S. soybeans to China for delivery this year.
The latest weekly export inspection report shows that for the week ending November 7, the quantity of U.S. soybean export inspections was 79.7 million bushels, at the upper end of analysts' predictions. The shipment to China was 116,000 tons.
In the Gulf region, the basis price for barge-delivered soybeans for November shipment is 102 cents per bushel above the CBOT January soybean futures price, unchanged from Monday.
On the 12th, the soybean market at the Chicago Board of Trade (CBOT) rose by 0.9%, marking the fifth consecutive trading day of increases, as there are signs of strong demand for U.S. soybeans. The January contract rose by 13.50 cents, closing at 1314.50 cents per bushel.