Soybeans are rallying 20 to 22 cents so far on Monday morning following positive trade talk over the weekend. Futures saw steady trade in some deferred contracts on Friday, with nearbys down fractionally to 3 cents. Preliminary open interest was down 16,351 contracts on Thursday November was up 22 ¼ cents last week. November options expired today, with first notice day on the 31st. The cmdtyView national average Cash Bean price was 2 1/2 cents lower at $9.73 3/4. Soymeal futures were up $1.80 to $4.10 at the close, with December $13.10 higher last week. Soy Oil futures were down 48 to 60 points on the day, with December on 86 points on the week.
The average close for November soybeans has jumped to $10.22 so far in October. There are 5 days left to determine the harvest price for crop insurance. That is still 19 cents above the harvest price last year but down 32 cents from the February base price.
US and Chinese negotiators had constructive discussions over the weekend in Malaysia, come out with a framework for President Trump and China’s President Xi to discuss this Thursday. On Sunday, Secretary Bessent stated China would begin purchasing “substantial” amounts of US soybeans.
Brazil’s soybean crop was tallied at 36% planted by last Thursday according to AgRural.
Nov 25 Soybeans closed at $10.41 3/4, down 3 cents, currently up 22 cents
Nearby Cash was $9.73 3/4, down 2 1/2 cents,
Jan 26 Soybeans closed at $10.60 1/4, down 1 3/4 cents, currently up 20 3/4 cents
Mar 26 Soybeans closed at $10.73 1/2, down 1 3/4 cents, currently up 20 cents
