**Soybean Market Update**
Soybean futures experienced significant gains on Thursday, rising by 6 to 8.5 cents in the front months and closing up 25 to 27.5 cents, following a phone call between President Trump and China’s President Xi on Wednesday. During the call, Trump proposed increasing soybean commitments from 12 million metric tons (MMT) to 20 MMT for the current season. As of Thursday morning, the cash bean price rose to $10.27 ¾, a 26 ¼ cent increase.
The USDA’s Export Sales report is anticipated on Thursday, with traders expecting soybean sales between 0.4-1.6 MMT for the week ending January 29. Soybean meal sales are projected at 250,000-500,000 MT, while bean oil sales are estimated at 0-25,000 MT.
