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Soybeans Show Quiet Trade Ahead of Trump/Xi Meeting
Yahoo Finance· 2025-10-29 22:21
Group 1 - Soybean prices showed slight fluctuations, with the national average cash bean price increasing by 2.25 cents to $10.13.5, while soymeal futures rose by $1 to $2.20, and soy oil futures decreased by 9 to 20 points [1] - November soybeans averaged a closing price of $10.29 throughout October, influenced by a recent price rally, compared to last year's crop insurance harvest price of $10.03 and a spring price of $10.54 [1] - A Reuters survey indicated soybean sales for the week ending October 23 were estimated between 0.6 to 1.6 million metric tons (MMT), with meal sales projected at 50,000 to 500,000 MT and bean oil sales at 5,000 to 25,000 MT [3] Group 2 - Ahead of the Trump/Xi meeting, there are rumors of China purchasing at least 180,000 MT of soybeans, although exact totals are delayed due to a government shutdown affecting export sales reporting [2] - Rabobank forecasts Brazilian soybean production for the 2025/26 season to reach 177 MMT, with a 2% increase in planted acreage to 48.8 million hectares (120.5 million acres) [3] - Closing prices for November soybeans were reported at $10.80.25, with nearby cash at $10.13.5, while January and March 2026 soybeans closed at $10.94.5 and $11.05.25, respectively [3]