Soybean contracts surged on Wednesday, closing up 16 ¾ cents at $11.71 3/4 per bushel, while the cmdtyView national average cash price increased by 17 cents to $10.98. Soymeal futures decreased by 70 cents to $2.60, whereas soy oil futures rose by 90 to 137 points. Export sales data is anticipated to be released Thursday morning, with expected sales in the range of 200,000 to 500,000 metric tons for the 2025/26 crop.
President Trump will visit China on May 14/15 for a rescheduled meeting with President Xi, as announced by White House Press Secretary Leavitt. Additionally, the Environmental Protection Agency (EPA) is expected to unveil the Renewable Volume Obligation (RVO) number later this week, potentially before Trump’s meeting with producers on Friday.
Key soybean data includes: July 26 Soybeans closed at $11.87 3/4, Nov 26 at $11.50 (up 6 ¼ cents), and New Crop Cash at $10.88 1/1 (up 6 ½ cents).
