Soybeans are trading with steady Friday morning action. Futures pushed higher on Thursday following the Wednesday strength, as contracts closed with 10 to 11 cent gains. Preliminary open interest rose 2,882 contracts on Thursday, as there was some early roll action, with Nov down 5,559 and January up 5,127. The cmdtyView national average Cash Bean price was 11 1/2 cents higher at $9.46 1/4. Soymeal futures were $1.90 to $6.60 higher. Soy Oil futures were 2 to 7 points higher.
The discovery for the harvest price for crop insurance is currently underway, via the average November soybean close during October. The average close in the two day so far is at $10.18, with the spring price at $10.54.
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Following Secretary Bessent mentioning there would be news on Tuesday, likely implying a potential trade aide for producers, a Wall Street Journal report indicated the White House is looking for an aide package in the $10-14 billion range. No specifics were given.
S&P Global trimmed back their estimate for the US soybean crop on Thursday to 53.0 bpa, a 0.8 bpa reduction from last month’s estimates. Production was estimated at 4.261 bbu.
Nov 25 Soybeans closed at $10.23 3/4, up 10 3/4 cents, currently down ¼ cent
Nearby Cash was $9.46 1/4, up 11 1/2 cents,
Jan 26 Soybeans closed at $10.41 3/4, up 10 3/4 cents, currently down ¼ cent
Mar 26 Soybeans closed at $10.56 1/4, up 10 cents, currently unch
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