Soybeans Rally on Positive Trade News

Soybeans 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. 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 this 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. 
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USDA’s Export Sales report will be out on Thursday, with Traders looking for between 0.4-1.6 MMT of soybean sales in the week of January 29. Soybean meal sales are seen at 250,000-500,000 MT, as bean oil is expected to be 0-25,000 MT.

Mar 26 Soybeans  closed at $10.92 1/4, up 26 1/2 cents,

Nearby Cash  was $10.27 3/4, up 26 1/4 cents,

May 26 Soybeans  closed at $11.04 3/4, up 27 1/2 cents,

Jul 26 Soybeans  closed at $11.16 3/4, up 26 1/4 cents,

On the date of publication,

Austin Schroeder

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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.

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