Soybean Market Rallies Ahead of Trump’s Inauguration
Prices Surge as Export Sales and Weather Concerns Impact Supply
Soybeans are seeing a strong uptick as President-elect Trump prepares for his inauguration on Monday. Contracts have increased by 15 to 18 cents for nearby deliveries, while the new crop for November is up 7 ¾ cents. CmdtyView’s national front month Cash Bean price is currently at $9.76, reflecting an increase of 16 ½ cents. Soymeal futures have also moved higher, rising $4 per ton by midday, and Soy Oil futures have increased by 72 points in today’s session.
On a noteworthy note, President-elect Trump had a discussion with President Xi of China, describing the call as beneficial for both nations. As a reminder, markets and government offices will be closed this Monday in observance of Martin Luther King Jr. Day, with regular trading set to resume on Tuesday.
In the latest Export Sales report released Thursday morning, soybean sales rebounded significantly after the holiday week, reaching 569,142 MT for the 2024/25 marketing year ending January 9. This brings the total commitments for the marketing year to 40.891 MMT, which is now 82% of the USDA export forecast, outperforming the average sales pace of 81%.
Meanwhile, conditions in Argentina have deteriorated; the Buenos Aires Grains Exchange reports that excellent conditions for soybeans have fallen by 17% to just 32%, while poor conditions have risen by 13% to 21%.
Mar 25 Soybeans are trading at $10.36 1/4, up 17 1/4 cents.
Nearby Cash is at $9.76, climbing 16 1/2 cents.
May 25 Soybeans are at $10.46 3/4, with an increase of 15 1/4 cents.
Nov 25 Soybeans are at $10.28, showing an uptick of 7 1/4 cents.
New Crop Cash is at $9.61 1/4, up 5 3/4 cents.
On the date of publication, Austin Schroeder did not hold any positions, directly or indirectly, in any of the securities mentioned in this article. All information and data provided in this article are for informational purposes only. For further details, please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Nasdaq, Inc.
