Soybeans were in rally mode following a mid-morning update from President Trump, as contracts closed with front month gains of 25 to 27 ½ cents. Some new crop contracts were up 4 to 11 ¼ cents. The cmdtyView national average Cash Bean price was 26 1/4 cents higher at $10.27 3/4. Soymeal futures were $1.30 to $4.60 higher, with Soy Oil futures up 101 to 117 points in the nearbys.
A phone call between President Trump and China’s President Xi took place this morning. Among the discussions, according to a post from the President, President Trump was looking to lift the soybean commitments to 20 MMT for the current season, vs. the 12 MMT previous stated.
USDA’s Export Sales report will be out on Thursday, with Traders looking for between 0.4-1.6 MMT of soybean sales in the week of January 29. Soybean meal sales are seen at 250,000-500,000 MT, as bean oil is expected to be 0-25,000 MT.
Mar 26 Soybeans closed at $10.92 1/4, up 26 1/2 cents,
Nearby Cash was $10.27 3/4, up 26 1/4 cents,
May 26 Soybeans closed at $11.04 3/4, up 27 1/2 cents,
Jul 26 Soybeans closed at $11.16 3/4, up 26 1/4 cents,
