Soybean prices closed higher on Thursday, with increases ranging from 18 to 21.25 cents, and new crop contracts up between 7 to 11 cents. The cmdtyView national average cash bean price rose by 20 cents, reaching $10.47. This uptick followed President Trump’s recent move to elevate China’s soybean purchase commitments from 12 million metric tons (MMT) to 20 MMT for the current season.
According to the USDA’s Export Sales report, 436,949 metric tons of soybeans were sold in the week of January 29, marking a decline of 46.65% from the previous week but an increase of 32.34% year-over-year. Notably, China purchased 233,000 MT, while Brazil exported 1.88 MMT of soybeans in January, down 44.54% from December but up 75.51% compared to the same month last year.
For future contracts, March soybeans closed at $11.12 ¼, May soybeans at $11.26, and July soybeans at $11.37 ¼, reflecting respective increases of 20 cents, 21.25 cents, and 20.5 cents.
