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,
