Soybeans saw 10 to 13 cent gains across most contracts on Thursday. November options expire on Friday. The cmdtyView national average Cash Bean price was 10 3/4 cents higher at $9.75 1/4. Soymeal futures were up 30 cents to $2.30 on the day, with some back months lower. Soy Oil was 55 to 80 points higher, supported by $3.25 gains in crude oil.
November soybeans have averaged $10.20 in October as part of the harvest price crop discovery. That is still 17 cents above the harvest price last year but down 34 cents from the February base price.
Following US sanctions on Russian crude oil firms on Wednesday, reports suggested that China oil buyers are potentially suspending purchases of Russian oil. While they are likely trying to avoid the sanctions, this may have larger signals ahead of the expected Trump/Xi meeting next week. Secretary Bessent and Chinese counterparts are expected to meet this weekend in Malaysia for trade talks ahead of the expected meeting between Trump and Xi at the end of the month.
No Export Sales data was released this morning due to the government shutdown, with the trade expecting that between 0.6 and 2 MMT of soybeans were sold in the week ending on October 16. Meal sales are seen at 150,000 to 450,000 MT, with bean oil in the 5,000 to 25,000 MT range.
World soybean output was trimmed by 1 MMT to 428 MMT according to International Grains Council data. Consumption was down 1 MMT, with trade up 2 MMT, as stocks were down 4 MMT to 79 MMT. Old crop carryover was down 4 MMT.
Nov 25 Soybeans closed at $10.44 3/4, up 10 cents,
Nearby Cash was $9.75 1/4, up 10 3/4 cents,
Jan 26 Soybeans closed at $10.62, up 12 cents,
Mar 26 Soybeans closed at $10.75 1/4, up 12 1/4 cents,