Soybean futures experienced gains on Wednesday morning, increasing by 1 to 2 cents after rallying on Tuesday, where they closed up 10 1/4 to 13 3/4 cents. Open interest rose by 8,392 contracts on Tuesday, and the cmdtyView national average cash bean price increased by 14 1/2 cents to $11.61 3/4. Soymeal futures went up by $1.20 to $5.10, while soy oil futures gained between 85 to 162 points.
On the geopolitical front, President Trump arrived in Beijing on the morning of his meeting with Chinese President Xi, with trade discussions expected to be a key agenda item. Additionally, the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report indicated a decrease in old crop U.S. soybean carryout by 10 million bushels to 340 million bushels, coupled with a new crop estimate of 310 million bushels, significantly lower than the anticipated 366 million bushels.
The initial U.S. production estimate for the new crop stands at 4.435 billion bushels, with yields projected at 53 bushels per acre. South American production remained unchanged, while global old crop ending stocks increased slightly by 0.34 MMT to 125.13 MMT.
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