Soybean prices saw significant gains on Thursday, with November futures rising 8¼ cents to settle at $11.08¼. The cmdtyView national average cash bean price increased by 15¾ cents to $10.43¾. In the week ending February 1, the USDA reported 436,949 metric tons of soybeans sold, down 46.65% from the previous week but up 32.34% compared to the same week last year.
Additionally, President Trump is advocating for increased Chinese soybean commitments from 12 million metric tons to 20 million metric tons for the current season, which has influenced trading activity. Soymeal and soy oil futures also saw fluctuations, with soymeal increasing $7.10 to $7.30, while soy oil futures fell by 22 to 25 points.
