Soybeans have had a back and forth session centered around the China/US meeting on Wednesday night, as the front three contracts have a 40 cent or more range on the session. Contracts are up 10 to 14 cents in the nearbys at midday. The cmdtyView national average Cash Bean price is 15 cents higher at $10.28 1/2. Soymeal futures are up $6 to $7.20, with Soy Oil futures 36 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.
Nov 25 Soybeans are at $10.93 3/4, up 13 1/2 cents,
Nearby Cash is at $10.28 1/2, up 15 cents,
Jan 26 Soybeans are at $11.08 1/4, up 13 3/4 cents,
Mar 26 Soybeans are at $11.15 3/4, up 10 1/2 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.
