Soybean prices rallied on Thursday, building on the gains from Wednesday, with contracts closing up by 10 to 11 cents. The national average Cash Bean price reported by cmdtyView increased by 11 1/2 cents, reaching $9.46 1/4. Meanwhile, soymeal futures rose between $1.90 and $6.60, while soy oil futures saw an uptick of 2 to 7 points.
The evaluation of the harvest price for crop insurance is currently taking place, based on the average closing price of November soybeans throughout October. So far, the two-day average stands at $10.18, while the spring price is set at $10.54.
Following Secretary Bessent’s indication of coming announcements on Tuesday, which likely suggests a potential aid package for producers, a report from the Wall Street Journal revealed that the White House is aiming for an aide package in the range of $10-14 billion. However, no specific details have been disclosed.
S&P Global announced a reduction in their estimate for the U.S. soybean crop on Thursday, adjusting it to 53.0 bushels per acre (bpa), a decrease of 0.8 bpa from the previous month’s forecast. Total production was calculated to be 4.261 billion bushels (bbu).
November 25 Soybeans closed at $10.23 3/4, marking an increase of 10 3/4 cents,
Nearby Cash was $9.46 1/4, up by 11 1/2 cents,
January 26 Soybeans closed at $10.41 3/4, up 10 3/4 cents,
March 26 Soybeans closed at $10.56 1/4, up 10 cents,
As of the publication date, Austin Schroeder did not hold (directly or indirectly) any positions in the securities mentioned in this article. All information and data provided in this article are intended solely for informational purposes. This article was originally published on Barchart.com
