To start the week soybeans gapped higher at the start of the overnight session and then held most of those gains overnight. The market added to the gains in the day session and closed sharply higher. Support came from reports that the US Treasury Sec. and Chinese Vice Premier had a “very successful” meeting over the weekend ahead of the Trump/Xi meeting coming up this Thursday. No specifics of the meeting were discussed. Heavy rains over parts of the Midwest over the weekend that will slow harvest added support. In South American news, Brazil’s soybean crop is 1% planted vs. 1% average. Last week’s export shipments were at the top of the range of trade expectations.
Soybeans traded back and forth in a choppy session on Tuesday and closed with small losses. A lack of fresh news and profit taking after Monday’s strong gains pressured soybeans. The Trump/Xi meeting is scheduled for Thursday. New reports have the talks focusing on Taiwan, AI, and rare earth minerals, and ag issues now appear to be taking a backseat. Monday’s crop progress report didn’t provide the market much direction as conditions were left unchanged at 58% g/e and harvest progress was as expected at 12% complete. China will auction off another 514,000 MT of reserve soybeans next week. Since July 1.9 MMT of soybeans have been sold out of their reserves.
In Wednesday’s session soybeans were briefly higher early in the overnight session before drifting lower. The market was able to trim losses in the second half of the day session but still closed lower. Technical selling pressured soybeans. The market was also in “wait and see” mode as Trump and Xi will meet on Thursday. Traders would like to see the US and China remove the 10% tariffs each country has on the other. That would make US soybeans more attractive to private Chinese companies. But the agenda for the talks seems to be shifting to Iran, Taiwan, and AI, and it’s unknown how much ag will be discussed.
In South American news, BAGE estimates Argentina’s upcoming soybean crop production at 53.6 MMT vs. 50.1 MMT this past year. The Rosario Exchange, on the other hand, estimates Argentina’s production at 47.8 MMT.
Soybeans were higher overnight but spent most of Thursday’s day session on the lower side and closed with small losses. Presidents Trump and Xi meet today. Ahead of the meeting it was announced that the current trade truce that was set to expire in November has been extended to January. Traders were disappointed that it wasn’t extended for a longer period and that no other announcements have come out yet.
Pressure also came from a very disappointing export sales report. Last week’s sales were sharply lower than the range of trade estimates and the third lowest for the third week of the marketing year in 30 years. The one bright spot in the session was USDA’s report of a sale of 120,000 MT of soybeans to China. Soybean meal is at new contract highs and at the highest level since July 2024.
Nov soybean support is at $13.00.
For the week, Nov soybeans were at $13.19 up 15.5 cents while Jan soybeans were at $13.325 up 12.5 cents. Oct soybean meal at $373.90 up $19.30 and Oct soybean oil was at $67.26 down 44 cents.
Soybean Weekly Comments September 25
Soybean Weekly Comments September 25
To start the week soybeans gapped higher at the start of the overnight session and then held most of those gains overnight. The market added to the gains in the day session and closed sharply higher. Support came from reports that the US Treasury Sec. and Chinese Vice Premier had a “very successful” meeting over the weekend ahead of the Trump/Xi meeting coming up this Thursday. No specifics of the meeting were discussed. Heavy rains over parts of the Midwest over the weekend that will slow harvest added support. In South American news, Brazil’s soybean crop is 1% planted vs. 1% average. Last week’s export shipments were at the top of the range of trade expectations.
Soybeans traded back and forth in a choppy session on Tuesday and closed with small losses. A lack of fresh news and profit taking after Monday’s strong gains pressured soybeans. The Trump/Xi meeting is scheduled for Thursday. New reports have the talks focusing on Taiwan, AI, and rare earth minerals, and ag issues now appear to be taking a backseat. Monday’s crop progress report didn’t provide the market much direction as conditions were left unchanged at 58% g/e and harvest progress was as expected at 12% complete. China will auction off another 514,000 MT of reserve soybeans next week. Since July 1.9 MMT of soybeans have been sold out of their reserves.
In Wednesday’s session soybeans were briefly higher early in the overnight session before drifting lower. The market was able to trim losses in the second half of the day session but still closed lower. Technical selling pressured soybeans. The market was also in “wait and see” mode as Trump and Xi will meet on Thursday. Traders would like to see the US and China remove the 10% tariffs each country has on the other. That would make US soybeans more attractive to private Chinese companies. But the agenda for the talks seems to be shifting to Iran, Taiwan, and AI, and it’s unknown how much ag will be discussed.
In South American news, BAGE estimates Argentina’s upcoming soybean crop production at 53.6 MMT vs. 50.1 MMT this past year. The Rosario Exchange, on the other hand, estimates Argentina’s production at 47.8 MMT.
Soybeans were higher overnight but spent most of Thursday’s day session on the lower side and closed with small losses. Presidents Trump and Xi meet today. Ahead of the meeting it was announced that the current trade truce that was set to expire in November has been extended to January. Traders were disappointed that it wasn’t extended for a longer period and that no other announcements have come out yet.
Pressure also came from a very disappointing export sales report. Last week’s sales were sharply lower than the range of trade estimates and the third lowest for the third week of the marketing year in 30 years. The one bright spot in the session was USDA’s report of a sale of 120,000 MT of soybeans to China. Soybean meal is at new contract highs and at the highest level since July 2024.
Nov soybean support is at $13.00.
For the week, Nov soybeans were at $13.19 up 15.5 cents while Jan soybeans were at $13.325 up 12.5 cents. Oct soybean meal at $373.90 up $19.30 and Oct soybean oil was at $67.26 down 44 cents.