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Barchart
Austin Schroeder

Soybeans Rally on Chinese Rumors and Record Crush

CmdtyView Oil NOPA

Soybeans were in rally mode on Monday, with nearby contracts up 23 to 32 3/4 cents. The cmdtyView national average Cash Bean price was 33 1/2 cents higher at $10.84 1/2. Soymeal futures were back up $2.20 to $6.40 on Monday, with Soy Oil futures 60 to 99 points higher.

USDA’s release of the backlog of unreported large daily sales from during the shutdown showed saw a few corrections on Monday morning. China was part of that, as 100,000 MT of the previously 332,000 MT purchase announcements were cancelled. Wire reports indicated at least 14 cargoes (~840,000 MT) were purchased by China on Monday

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