Soybeans are continuing to the climb higher on Tuesday morning, with 10 to 11 cent gains so far. Futures rallied for 22 to 25 ½ cent gains across most contracts on Monday following better trade news from the weekend. Open interest was down 17,372 contracts on Monday, implying shorts were covering, as s bulk was exiting the November (44,732) contracts ahead of first notice day on Friday. The cmdtyView national average Cash Bean price was 25 3/4 cents higher at $9.99 1/2. Soymeal futures were up $4.10 to $6.70, with Soy Oil futures 29 to 54 points higher.
Monday morning’s Export Inspections report showed a total of 1.061 MMT (38.99 mbu) of soybeans shipped in the week of 10/26. That was 33.3% below the week prior and down 59.7% from the same week last year. Mexico was the largest buyer of 155,418 MT, with 147,560 MT shipped to Egypt and 127,559 MT to Italy. The marketing year total is now 6.715 MMT (246.74mbu) of soybeans shipped, which is now 36.9% below the same period last year. China has remained out of the market.
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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.
The trade is looking for soybeans to be near 84% harvested as of 10/26. The Crop Progress report was not reported due to the government shutdown.
Brazil’s soybean crop was tallied at 36% planted by last Thursday according to AgRural.
Nov 25 Soybeans closed at $10.67 1/4, up 25 1/2 cents, currently up 10 1/4 cents
Nearby Cash was $9.99 1/2, up 25 3/4 cents,
Jan 26 Soybeans closed at $10.85, up 24 3/4 cents, currently up 10 3/4 cents
Mar 26 Soybeans closed at $10.95 1/2, up 22 cents, currently up 10 cents
On the date of publication,
Austin Schroeder
did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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