Soybeans are seeing buying of 7 to 8 cents on Thursday morning after a wild overnight that saw November and January with a 44 cent range. Futures rounded out the Wednesday trade with contracts within 2 cents of unchanged.  Open interest was down 11,267 contracts on Wednesday. The cmdtyView national average Cash Bean price was 2 1/4 cents higher at $10.13 1/2. Soymeal futures were up $1 to $2.20, with Soy Oil futures 9 to 20 points lower. 

November soybeans have now averaged a close of $10.29 throughout October, elevated by the recent rally. Last year’s harvest price for crop insurance was $10.03, with the spring price at $10.54.

Following the Trump/Xi meeting overnight, China has made commitments to buy 12 MMT of soybeans for this year, and subsequent 25 MMT commitments per year for the next 3 years according to Secretary Bessent

Despite the limited government data, a Reuters survey of analysts showed exceed soybean sales in the week ending on 10/23 at 0.6-1.6 MMT. Meal sales are seen at 50,000-500,000 MT, with 5,000-25,000 MT for bean oil. 

Rabobank estimates the 2025/26 Brazilian soybean production to total 177 MMT, with planted acreage up 2% top 48.8 million hectares (120.5 million acres).

Nov 25 Soybeans  closed at $10.80 1/4, up 2 cents, currently up 8 cents

Nearby Cash  was $10.13 1/2, up 2 1/4 cents,

Jan 26 Soybeans  closed at $10.94 1/2, down 3/4 cent, currently up 7 1/2 cents

Mar 26 Soybeans  closed at $11.05 1/4, down 1 1/2 cents, currently up 7 1/4 cents

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• Grains in Q3- Can the Price Weakness Continue?
• Grain Traders Are Shocked by Unexpected Deterioration in U.S.-China Relations. 5 Things to Watch for a Turnaround.