From the end of September through the end of October, soybean futures rallied nearly $1, indicating strong noncommercial buying interest.
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At the same time, futures spreads covered less calculated full commercial carry indicating the commercial side was also providing support.
Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. As US government numbers are being released, in an attempt to catch up before the next shutdown at the end of January 2026, we see confirmation of what we already knew by watching the market.
What do we know about the US soybean market? Perhaps a more fitting question would be what DID we know about the US soybean market, particularly toward the end of October 2025. Recall the US government had been shut down on October 1, leaving those who can do nothing but regurgitate government numbers and call it “analysis” and/or “commentary” completely in the dark. On the other hand, those of us who actually analyze market activity, and comment on such, saw the US soybean market get more interesting leading up to this year’s All Hallows Eve, aka Halloween, as October ended.
