Soybeans are trading with 3 to 5 ½ cent higher trade so far on Thursday morning. Futures fell back by 9 to 10 cents in the front months on Wednesday. Open interest was up 7,026 contracts on Wednesday, mainly in the March. The cmdtyView national average Cash Bean price was 8 3/4 cents lower at $10.45. Soymeal futures were down 20 cents to $1.70, with Soy Oil futures 89 to 101 points lower. There were no new deliveries issued against December soybean meal overnight, with 95 for December bean oil.
Early on Wednesday Treasury Secretary Bessent stated that China is in “perfect cadence” to complete the promised soybean purchases. Known purchases via USDA’s daily Export Sales reporting system are just over 2.25 MMT, of the reported 12 MMT commitments, which are now expected to be complete by the end of February (vs. the end of the calendar year as administration officials previously suggested).
USDA will continue their back logged update of Export Sales reports this morning, with traders looking for between 0.6-2 MMT in soybean bookings in the week of 10/30. We should get out first look at initial Chinese purchases (100,000 MT known in that week). Soybean meal sales are seen between 200,000 and 450,000 MT, with 5,000 to 25,000 MT for soybean oil.
Statistics Canada will release 2025/26 production this morning, with traders looking for canola output estimated at 21.25 MMT.
Jan 26 Soybeans closed at $11.15 3/4, down 9 cents, currently up 5 1/2 cents
Nearby Cash was $10.45, down 8 3/4 cents,
Mar 26 Soybeans closed at $11.25 1/2, down 9 1/2 cents, currently up 5 cents
May 26 Soybeans closed at $11.34 3/4, down 10 cents, currently up 4 1/2 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. For more information please view the Barchart Disclosure Policy here.
