Soybeans posted double digit rebounds on Wednesday, with contracts up 11 to 15 cents at the close. There were another 5 deliveries issued overnight, taking the total to 1,093 for the month. The cmdtyView national average Cash Bean price was 13 1/4 cents higher at $10.60 3/4. Soymeal futures were back up $4.40 to $7.40 on the day, with Soy Oil futures were steady to 16 points higher.
Overnight, China suspended some retaliatory tariffs on US goods but left on a 10% tariff from the Liberation Day tariff response, with the total tariffs on US soybeans 13%. State owned entities should be immune from the tariffs. With the government shutdown and export sales data not reported, the market is trying to gauge how much US business China has taken in the last week. Basis movement in the North and PNW would suggest buyers have been somewhat active.
Export Sales data will not be out on Thursday, though analysts are estimating to see 0.4-2 MMT of soybeans sold in the week of 10/30. Meal sales are expected to total 50,000-450,000, with bean oil between 5,000-25,000 MT.
Nov 25 Soybeans closed at $11.19 3/4, up 11 1/2 cents,
Nearby Cash was $10.60 3/4, up 13 1/4 cents,
Jan 26 Soybeans closed at $11.34 1/4, up 12 3/4 cents,
Mar 26 Soybeans closed at $11.42, up 14 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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