China Demand Takes Soybeans to New Contract Highs: Soybean futures extended weekly gains through Thursday, with November marking a new contract high. All 2020/21 CBOT soybean contracts were above $10 for the 2nd consecutive day. Funds continue to push money into the CBOT, while China continues to book US soybeans. The USDA announced another 23…
Soybeans Soar on Fresh Chinese Demand: Overnight weakness uncovered demand that carried soybean futures to new highs on Wednesday. The USDA announced another 12 Mil Bu of export sales to China, and there were trade rumors that Chinese buyers had booked another 5-12 cargos of US soybeans. Chinese soybean imports have been record large in…
Soybeans Turn Down After Testing Resistance at $10: An overnight push above $10 found resistance that pressured soybean futures lower into the close. The USDA announced additional export sales to China/unknown, but with spot futures back to pre-trade war levels, farmers are anxious to make cash sales while fund traders are becoming cautious with their…
Soybeans End Higher as September Rallies into Expiration: CBOT soybean futures marked modest gains. September soybeans gained 13.75 cents ahead of expiration and finished at $10.1925 vs. $8.8475 last year. China continues to book US soybeans. The USDA announced export sales of 16.4 Mil Bu, split between 2 transactions (China and unknown destinations). NASS reported…
After soybean crop yields, the next most debated topic in the soybean market is the outlook for exports. In the last 2 years the market has been held in suspense wondering if US and Chinese trade negotiators could work out a deal. This year, with Phase 1 in place, China has been an active buyer…
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