Soybeans are trading with 3 to 5 cent losses. Futures 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. Preliminary open interest was down 15,262 contracts, as November continued liquidation ahead of today’s first notice day. There were 677 deliveries issued for November beans overnight. 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, currently down 5 1/4 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, currently down 4 3/4 cents
Mar 26 Soybeans closed at $11.15 3/4, up 10 1/2 cents, currently down 4 cents
