Soybean Bulls Rallying on Monday Ahead of US/China Meeting

Soybeans rallying back on Monday, as risk is being put back on after the weekend with gains of 21 to 23 1/4 cents. The cmdtyView national average Cash Bean price is up 23 1/4 cents at $12.68 1/4. Soymeal futures are rallying $8 to $10, with Soy Oil up 50 to 60 points. 

The weekly Export Inspections report showed soybean shipments of just 759,193 MT (27.9 mbu) in the week of 9/17. That was up 11.6% from the week prior and 34.2% ahead of the same week last year. China was the largest destination of 446,789 MT, with 68,773 MT shipped to Mexico and 59,652 MT to the Netherlands. Shipments for the marketing year are now at 36.848 MMT (1.354 bbu) of soybeans, which is now 1.8% ahead the same period last year.

CFTC data from Friday showed managed money backing off from their previous record net long in soybean futures and options by 21,321 contracts in the week of 9/15 to 244,710 contracts. 

China’s President Xi will be in the US this week to meet with President Trump, with trade a topic of conversation. Secretary Bessent headed to China over the weekend to set up talks for next week.

AgRural estimates the Brazilian soybean crop at 1.2% planted as of Thursday, ahead of the 0.9% pace from last year.

Nov 26 Soybeans  are at $13.26 3/4, up 23 1/4 cents,

Nearby Cash  is at $12.68 1/2, up 23 1/4 cents,

Jan 27 Soybeans  are at $13.42 3/4, up 22 3/4 cents,

Mar 27 Soybeans  are at $13.50 3/4, up 21 1/4 cents,

On the date of publication, Austin Schroeder 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. For more information please view the Barchart Disclosure Policy here.