Soybeans are 8 to 10 cents higher across most contracts on Thursday. November options expire on Friday. The cmdtyView national average Cash Bean price is 8 1/4 cents higher at $9.73 3/4. Soymeal futures are up $1.10 on the day, with Soy Oil 90 to 95 points higher, supported by crude oil.
No Export Sales data was released this morning due to the government shutdown, with the trade expecting that between 0.6 and 2 MMT of soybeans were sold in the week ending on October 16. Meal sales are seen at 150,000 to 450,000 MT, with bean oil in the 5,000 to 25,000 MT range.
Following sanctions on Russian crude oil firms on Wednesday, reports suggested that China oil buyers are potentially suspending purchases of Russian oil. While they are likely trying to avoid the sanctions, this may have larger signals ahead of the expected Trump/Xi meeting next week. Secretary Bessent and Chinese counterparts are expected to meet this weekend in Malaysia for trade talks ahead of the expected meeting between Trump and Xi at the end of the month.
World soybean output was trimmed by 1 MMT to 428 MMT according to International Grains Council data. Consumption was down 1 MMT, with trade up 2 MMT, as stocks were down 4 MMT to 79 MMT. Old crop carryover was down 4 MMT.
Nov 25 Soybeans are at $10.42 3/4, up 8 cents,
Nearby Cash is at $9.73 3/4, up 8 1/4 cents,
Jan 26 Soybeans are at $10.60, up 10 cents,
Mar 26 Soybeans are at $10.73 1/4, up 10 1/4 cents,
