Soybeans Surge, China Buys, Sales Spike

Soybean prices surged, with nearby contracts gaining up to six and a quarter cents, and the January contract up twelve and three-quarter cents for the week. Cash bean prices also rose by six and a half cents, reaching ten dollars and sixty-five and a half cents. Soymeal futures dipped slightly, while soy oil futures soared. The USDA reported a significant private export sale of three hundred twelve thousand metric tons of soybeans to China. Export sales data for the week ending October sixteenth showed one point one million metric tons of soybean sales, marking the first week this marketing year that sales breached the one million metric ton mark. Analysts anticipate sales of six hundred thousand to one point six million metric tons of beans for the week ending October twenty-third.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.