Soybeans rounded out the Wednesday trade with contracts within 2 cents of unchanged. The cmdtyView national average Cash Bean price was 2 1/4 cents higher at $10.13 1/2. Soymeal futures were up $1 to $2.20, with Soy Oil futures 9 to 20 points lower.
November soybeans have now averaged a close of $10.29 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.
Ahead of the Trump/Xi meeting overnight into Thursday, China has been rumored to purchase at least 180,000 MT of soybeans on Wednesday. We won’t know the exact totals anytime soon due to the government shutdown restricting the FAS weekly Export Sales report and large daily sale announcements.
Despite the limited government data, a Reuters survey of analysts showed exceed soybean sales in the week ending on 10/23 at 0.6-1.6 MMT. Meal sales are seen at 50,000-500,000 MT, with 5,000-25,000 MT for bean oil.
Rabobank estimates the 2025/26 Brazilian soybean production to total 177 MMT, with planted acreage up 2% top 48.8 million hectares (120.5 million acres).
Nov 25 Soybeans closed at $10.80 1/4, up 2 cents,
Nearby Cash was $10.13 1/2, up 2 1/4 cents,
Jan 26 Soybeans closed at $10.94 1/2, down 3/4 cent,
Mar 26 Soybeans closed at $11.05 1/4, down 1 1/2 cents,
