Core Insights - Soybean prices experienced significant gains following a mid-morning update from President Trump, with front month contracts rising by 25 to 27.5 cents and new crop contracts increasing by 4 to 11.25 cents [1][2] - The national average cash price for soybeans increased by 26.25 cents, reaching $10.27.75 [1] - Soymeal futures rose between $1.30 and $4.60, while Soy Oil futures increased by 101 to 117 points in the nearby contracts [1] Group 1 - A phone call between President Trump and China's President Xi discussed increasing soybean commitments to 20 million metric tons (MMT) for the current season, up from the previously stated 12 MMT [2] - The USDA's Export Sales report is anticipated to show soybean sales between 0.4 and 1.6 MMT for the week of January 29, with soybean meal sales projected at 250,000 to 500,000 MT and bean oil expected to be between 0 and 25,000 MT [3] - On March 26, soybean prices closed at $10.92.25, up 26.5 cents, with nearby cash at $10.27.75, up 26.25 cents, and May and July contracts also showing increases [3]
Soybeans Rally on Positive Trade News
Yahoo Finance·2026-02-04 23:02