Soybeans rallied for 22 to 25 ½ cent gains across most contracts on Monday following better trade news from the weekend. The cmdtyView national average Cash Bean price was 25 3/4 cents higher at $9.99 1/2. Soymeal futures were up $4.10 to $6.70, with Soy Oil futures 29 to 54 points higher.
This morning’s Export Inspections report showed a total of 1.061 MMT (38.99 mbu) of soybeans shipped in the week of 10/26. That was 33.3% below the week prior and down 59.7% from the same week last year. Mexico was the largest buyer of 155,418 MT, with 147,560 MT shipped to Egypt and 127,559 MT to Italy. The marketing year total is now 6.715 MMT (246.74mbu) of soybeans shipped, which is now 36.9% below the same period last year. China has remained out of the market.
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US and Chinese negotiators had constructive discussions over the weekend in Malaysia, come out with a framework for President Trump and China’s President Xi to discuss this Thursday. On Sunday, Secretary Bessent stated China would begin purchasing “substantial” amounts of US soybeans.
Brazil’s soybean crop was tallied at 36% planted by last Thursday according to AgRural.
Nov 25 Soybeans closed at $10.67 1/4, up 25 1/2 cents,
Nearby Cash was $9.99 1/2, up 25 3/4 cents,
Jan 26 Soybeans closed at $10.85, up 24 3/4 cents,
Mar 26 Soybeans closed at $10.95 1/2, up 22 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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