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On October 19, soybean contracts rose between fractionally to 4 cents higher, with the cmdtyView national average cash bean price up 6 1/4 cents to $9.65 1/2. November soybeans averaged $10.19. Due to the government shutdown, no export sales data was released, though an estimated 0.6 to 2 MMT of soybeans were sold for the week ending October 16, with soy meal sales anticipated between 150,000 to 450,000 MT.
Japan aims to increase US soybean purchases, which currently account for about 70% of its total 3.3 MMT imports. Additionally, trade talks are scheduled between US Secretary Bessent and Chinese counterparts in Malaysia this weekend ahead of a potential meeting between Trump and Xi. Brazil’s 2025/26 soybean production is estimated at 178.5 MMT, an increase of 6.7 MMT from the previous year.
As of October 19, November soybeans closed at $10.34 3/4, Jan 26 at $10.50, and Mar 26 at $10.63, marking increases of 4 cents, 1 1/2 cents, and 1/4 cent respectively.
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