Soybeans 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 Thursday. Contracts closed with 10 to 14 cent gains in the nearbys. The cmdtyView national average Cash Bean price was 13 3/4 cents higher at $10.26 1/4. Soymeal futures were up $2.10 to $6.90, with Soy Oil futures 20 to 52 points lower.
November soybeans have now averaged a close of $10.32 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. Tariffs on US ag goods are expected to be lifted, making US products competitive.
Nov 25 Soybeans closed at $10.91 1/4, up 11 cents,
Nearby Cash was $10.26 1/4, up 13 3/4 cents,
Jan 26 Soybeans closed at $11.07 3/4, up 13 1/4 cents,
Mar 26 Soybeans closed 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.
