Soybeans are continuing the push higher into Thursday, with contracts up 7 to 9 cents. The cmdtyView national average Cash Bean price is 8 1/2 cents higher at $9.43 1/2. Soymeal futures are $4.30 to $4.80 higher. Soy Oil futures were 15 to 20 points higher.
Futures rallied into Wednesday’s close and are pushing forward on Thursday following a President Trump post that soybeans will be a major topic of discussion in a meeting between he and President Xi of China later this month. Additionally, this morning Secretary Bessent mentioned there would be news on Tuesday, likely implying a potential trade aide for producers.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis.
The harvest price for crop insurance will be found via the average November soybean close during October. The first close on Wednesday was at $10.13.
Export Sales data was delayed from the normal Thursday morning release, as analysts had been looking for 0.3 and 1.6 MMT of soybeans sold in the week ending on 9/25.
StoneX raised their estimate for the US soybean crop on Wednesday to 53.9 bpa, a 0.7 bpa increase from last month’s estimates. Production was estimated at 4.326 bbu.
Nov 25 Soybeans are at $10.21 1/4, up 8 1/4 cents,
Nearby Cash is at $9.43 1/2, up 8 1/2 cents,
Jan 26 Soybeans are at $10.39, up 8 cents,
Mar 26 Soybeans are at $10.54, up 7 3/4 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
