Soybean contracts saw significant gains on March 26, 2023, following a phone call between President Trump and China’s President Xi, where Trump proposed increasing soybean commitments to 20 million metric tons (MMT) for the current season, up from the previous 12 MMT. Front month soybean contracts closed higher by 25 to 27.5 cents, with March soybeans at $10.92. The cmdtyView national average cash bean price increased by 26.25 cents to $10.27. Soymeal futures rose by $1.30 to $4.60, while soy oil futures climbed 101 to 117 points in the nearbys.
On February 29, the USDA is expected to release its Export Sales report, with traders anticipating soybean sales between 0.4 and 1.6 MMT for the week ending January 29, and soybean meal sales projected at 250,000 to 500,000 MT.
