Soybeans are continuing the push higher into Thursday, with contracts up 7 to 9 cents. The cmdtyView national average Cash Bean price is 8 1/2 cents higher at $9.43 1/2. Soymeal futures are $4.30 to $4.80 higher. Soy Oil futures were 15 to 20 points higher.
Futures rallied into Wednesday’s close and are pushing forward on Thursday following a President Trump post that soybeans will be a major topic of discussion in a meeting between he and President Xi of China later this month. Additionally, this morning Secretary Bessent mentioned there would be news on Tuesday, likely implying a potential trade aide for producers.
The harvest price for crop insurance will be found via the average November soybean close during October. The first close on Wednesday was at $10.13.
Export Sales data was delayed from the normal Thursday morning release, as analysts had been looking for 0.3 and 1.6 MMT of soybeans sold in the week ending on 9/25.
StoneX raised their estimate for the US soybean crop on Wednesday to 53.9 bpa, a 0.7 bpa increase from last month’s estimates. Production was estimated at 4.326 bbu.
Nov 25 Soybeans are at $10.21 1/4, up 8 1/4 cents,
Nearby Cash is at $9.43 1/2, up 8 1/2 cents,
Jan 26 Soybeans are at $10.39, up 8 cents,
Mar 26 Soybeans are at $10.54, up 7 3/4 cents,
