Soybean Rally Holds on Wednesday

Austin Schroeder Barchart Wed Jan 29, 5:00PM CST
Soybean field and sunshine by fotokostic via iStock

The soybean market closed Wednesday with contracts up 12 to 16 on the session. CmdtyView’s national front month Cash Bean price was up 14 3/4 cents at $9.98 3/4. Soymeal futures was up $7.90/ton, with Soy Oil futures down 8 points in front month March on the session. Rains continue to be spotty for Argentina over the next couple weeks.

The market is so far not convinced of the February 1 tariff date for 10% of Chinese import, or at least that there will be any retaliatory action on US beans. 

Export Sales data will be released on Thursday morning, with 2024/25 bookings estimated at 0.45 to 1.7 MMT in the week ending on January 23. Meal sales are seen in a range of 100,000 to 450,000 MT, with 4,000 to 20,000 MT in soybean oil sales estimated.

Mar 25 Soybeans  closed at $10.60 1/2, up 15 1/2 cents,

Nearby Cash  was $9.98 3/4, up 14 3/4 cents,

May 25 Soybeans  closed at $10.75 1/4, up 15 3/4 cents,

Nov 25 Soybeans  closed at $10.63 1/2, up 16 cents,

New Crop Cash  was $9.99 1/2, up 15 3/4 cents,


On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.