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Soybean contracts closed 10 to 12 cents higher on November 25, with the cmdtyView national average Cash Bean price increasing to $9.35. Nearby Soymeal futures dropped $1, while Soy Oil futures rose by 73 to 93 points. These price movements followed a social media post by President Trump indicating that soybeans will be a discussion topic in his upcoming meeting with President Xi of China.
Due to a government shutdown, the monthly Fats and Oils report was not released, but analysts estimated the August soybean crush at 196.4 million bushels. Additionally, EIA data indicated that 1.108 billion pounds of soybean oil were used in biodiesel in July, marking an 8-month high but slightly less than the previous year.
StoneX estimates the U.S. soybean crop at 53.9 bushels per acre, up 0.7 bushels from last month, with total production at 4.326 billion bushels. The Export Sales data for the week ending September 25 will also be delayed, with expectations of sales between 0.3 to 1.6 million metric tons.
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