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
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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