Soybeans are rallying nearly 20 cents off the early session lows, with contracts up ½ cent to a penny lower in the nearbys. The cmdtyView national average Cash Bean price was up 1 cent at $12.61. Soymeal futures are down $1.30 to $1.60, with Soy Oil up 12 to 14 points.
Heavy rains continue to show up in the forecast for the next week according to NOAA, with 1 to upwards of 4 inches expected from Texas to the Great Lakes, and from the Northeast to Indiana. Ohio and a line east of the Ohio River are expected to see lower totals.
Limited information has been released on what was discussed between U.S. and Chinese leaders this week, though a report late Friday indicated the U.S. Trade Representative was seeking additional details to be disclosed on Monday.
Export sales data from the USDA now shows soybean commitments at 21.2 million metric tons, which is 94% above the same period last year. That represents 46% of the USDA forecast and exceeds the five‑year average of 38%.
Nov 26 Soybeans are at $13.18, up ½ cent.
Nearby cash is at $12.61, up 1 cent.
Jan 27 Soybeans are at $13.31, down ½ cent.
Mar 27 Soybeans are at $13.38, down 1 cent.
