Soybean Prices Dip, China's Purchases on Track

Soybean prices plummeted on Wednesday, with front month contracts dropping by nine to ten cents. The national average cash price for soybeans also fell, settling at ten dollars and forty-five cents. This decline was mirrored in related products, with soymeal futures dropping by twenty cents and soy oil futures down by eighty-nine to one hundred and one points.Treasury Secretary Bessent reported that China is on track to meet its promised soybean purchases, though the timeline has shifted from the end of the calendar year to the end of February. Current known purchases stand at just over two point two five million metric tons, out of a total twelve million metric tons committed.The USDA is set to update its export sales reports tomorrow, with traders eagerly awaiting new soybean bookings estimated between six hundred thousand to two million metric tons. This update will also reveal initial Chinese purchases, with one hundred thousand metric tons already known for the week of October thirtieth.Looking ahead, soybean meal sales are projected between two hundred thousand and four hundred and fifty thousand metric tons, while soybean oil sales are anticipated to be between five thousand and twenty-five thousand metric tons.Statistics Canada will release its production estimates for the two thousand twenty-five to two thousand twenty-six season tomorrow, which could impact broader agricultural markets.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.