Soybeans are trading with Thursday AM gains of 6 to 8 ½ cents in the front months as new crop November is steady. Futures were in rally mode following a mid-morning update from President Trump, as contracts closed with front month gains of 25 to 27 ½ cents. Some new crop contracts were up 4 to 11 ¼ cents. Preliminary open interest was up 16,470 contracts on Wednesday. The cmdtyView national average Cash Bean price was 26 1/4 cents higher at $10.27 3/4. Soymeal futures were $1.30 to $4.60 higher, with Soy Oil futures up 101 to 117 points in the nearbys.
A phone call between President Trump and China’s President Xi took place on Wednesday morning. Among the discussions, according to a post from the President, President Trump was looking to lift the soybean commitments to 20 MMT for the current season, vs. the 12 MMT previous stated.
USDA’s Export Sales report will be out on Thursday, with Traders looking for between 0.4-1.6 MMT of soybean sales in the week of January 29. Soybean meal sales are seen at 250,000-500,000 MT, as bean oil is expected to be 0-25,000 MT.
Mar 26 Soybeans closed at $10.92 1/4, up 26 1/2 cents, currently up 7 1/2 cents
Nearby Cash was $10.27 3/4, up 26 1/4 cents,
May 26 Soybeans closed at $11.04 3/4, up 27 1/2 cents, currently up 8 1/2 cents
Jul 26 Soybeans closed at $11.16 3/4, up 26 1/4 cents, currently up 8 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.
More news from Barchart
