
Soybeans are trading with Thursday AM gains of 6 to 8 ½ cents in the front months as new crop November is steady. Futures were in rally mode following a mid-morning update from President Trump, as contracts closed with front month gains of 25 to 27 ½ cents. Some new crop contracts were up 4 to 11 ¼ cents. Preliminary open interest was up 16,470 contracts on Wednesday. The cmdtyView national average Cash Bean price was 26 1/4 cents higher at $10.27 3/4. Soymeal futures were $1.30 to $4.60 higher, with Soy Oil futures up 101 to 117 points in the nearbys.
A phone call between President Trump and China’s President Xi took place on Wednesday morning. Among the discussions, according to a post from the President, President Trump was looking to lift the soybean commitments to 20 MMT for the current season, vs. the 12 MMT previous stated.