Soybeans Bouncing Higher on Thursday Morning
Soybeans are trading with gains of 4 to 5 ¼ cents across the nearbys at midday. Futures rounded out the Wednesday session with most contracts fractionally to 7 ½ cents higher at the close. Open interest was up 4,380 contracts on Wednesday. The cmdtyView national average Cash Bean price was down 7 cents at $12.59 3/4. Soymeal futures were mixed, with front month October up $1.40 and other contracts steady to down $2, with Soy Oil slipping 3 to 12 points.
Ahead of the meeting between the US and China today, Treasury Secretary Bessent stated the US and China trade truce was extended by 2 months as the two work on a trade deal.
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Export Sales data from USDA will be out on Thursday, with analysts surveyed by Reuters looking for 1.5 to 2 MMT in the week of September 17. Bean meal sales are seen in a range of 250,000 to 375,000 MT, with bean meal sales expected between net reductions of 2,000 MT and net sales of 6,500 MT.
Nov 26 Soybeans closed at $13.18, down 7 1/2 cents, currently up 5 1/4 cents
Nearby Cash was $12.59 3/4, down 7 cents,
Jan 27 Soybeans closed at $13.33 3/4, down 7 1/2 cents, currently up 4 3/4 cents
Mar 27 Soybeans closed at $13.42 1/2, down 6 1/4 cents, currently up 4 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.
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