Soybeans were in rally mode following a mid-morning update from President Trump, as contracts closed with front month gains of 25 to 27 ½ cents. Some new crop contracts were up 4 to 11 ¼ cents. The cmdtyView national average Cash Bean price was 26 1/4 cents higher at $10.27 3/4. Soymeal futures were $1.30 to $4.60 higher, with Soy Oil futures up 101 to 117 points in the nearbys. A phone call between President Trump and China’s President Xi took place this morning. Among the discussions, according to a po ...

Market Overview - Soybeans experienced losses ranging from 9 to 13 ¾ cents in the front months, with deferred contracts down by 3 to 7 ½ cents, indicating a sell-off as China’s purchases slow down [1] - The national average cash bean price decreased by 13 ½ cents to $10.49 ¼ [1] Export Data - Soybean export bookings for the week of October 2 reached 919,447 MT, which is a three-week high but down 8.6% compared to the same week last year, falling within the trade range estimates of 0.6 to 1.6 MMT [2] - Soy meal sales were reported at 328,300 MT, exceeding the estimates of 150,000 to 350,000 MT, while bean oil sales showed net reductions of 11,800 MT [2] Sales to China - The USDA reported an additional 462,000 MT of soybeans sold to China, bringing the total known sales to China for the week to 1.812 MMT [3] - Total soybean sales to China this week reached 1.122 MMT [3] Production and Consumption - The International Grains Council adjusted world soybean production down by 2 MMT, while consumption increased by 1 MMT, leading to a reduction in ending stocks by 2 MMT to 77 MMT [3] Futures Market - January 26 Soybeans closed at $11.22 ½, down 13 ¾ cents; Nearby Cash was at $10.49 ¼, down 13 ½ cents; March 26 Soybeans closed at $11.32, down 12 ½ cents; May 26 Soybeans closed at $11.41 ½, down 11 cents [3]