Soybeans are posting a rally heading into President-elect Trump’s inauguration on Monday. Contracts are up 15 to 18 cents in the nearbys, with new crop November up 7 ¾ cents. CmdtyView’s national front month Cash Bean price is up 16 ½ cents at $9.76. Soymeal futures were $4/ton higher at midday. Soy Oil futures are 72 points in the green on the session.
President-elect Trump had a phone conversation with President Xi of China, stating the calls was a very good one for both China and the US. The markets and government will be closed on Monday due to Martin Luther King Jr Day, with a normal schedule for Tuesday.
Thursday morning’s Export Sales report showed a bounce back in business following the holiday week to 569,142 MT for 2024/25 soybean sales in the week that ended on 1/9. That brought the marketing year total in commitments to 40.891 MMT, which is now 82% of the USDA export forecast, ahead of the 81% average pace for sales.
Argentina soybean conditions have been slipping, with the excellent conditions down 17% to 32% according to the Buenos Aires Grains Exchange, with poor conditions up 13% to 21%.
Mar 25 Soybeans are at $10.36 1/4, up 17 1/4 cents,
Nearby Cash is at $9.76, up 16 1/2 cents,
May 25 Soybeans are at $10.46 3/4, up 15 1/4 cents,
Nov 25 Soybeans are at $10.28, up 7 1/4 cents,
New Crop Cash is at $9.61 1/4, up 5 3/4 cents,
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