Soybean futures are experiencing gains following a better-than-expected NOPA report, which helped lift contracts from their early lows. Currently, the market is trading with gains of 3 to 4 cents. The cmdtyView national average Cash Bean price has increased by 3 cents, now sitting at $9.35 3/4. Additionally, Soymeal futures have risen by $1.80 to $1.90, while Soy Oil has gained 30 to 31 points in the nearby contracts.
After the market closed on Tuesday, President Trump announced that he is “considering terminating business with China, particularly regarding cooking oil and other trade elements, as retribution” for not purchasing U.S. soybeans.
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The NOPA data released this morning revealed that 197.86 million bushels of soybeans were crushed in September, significantly surpassing the 186.34 million bushel estimate. This figure represents a 4.24% increase from August and is 11.59% larger than last year’s record for September. Furthermore, soybean oil stocks were reported at 1.24 billion pounds, which is 0.17% lower than the end of August but still 16.6% higher than last year.
Nov 25 Soybeans are currently priced at $10.09 1/2, reflecting a 3-cent increase.
Nearby Cash is also at $9.35 3/4, up by 3 cents.
Jan 26 Soybeans are trading at $10.27 1/4, marking a 3-cent rise.
Mar 26 Soybeans are priced at $10.42 3/4, up by 3 1/4 cents.
On the date of publication,
Austin Schroeder
did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article are solely for informational purposes.
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