Soybean Prices Surge Ahead of Holiday, China Buys US Beans

Soybean prices surged on Wednesday, with buyers stocking up ahead of the holiday, pushing cash prices up nearly seven cents to $10.59¾. Soymeal futures showed mixed results, while soy oil futures rose by 32 to 57 points. China made significant US soybean purchases, but USDAs official announcements were silent. China rejected a Brazilian soybean shipment due to pesticide contamination, potentially suspending exports from five suppliers. USDAs export sales data for the week ending October 16th is expected on Friday, with anticipated soybean sales between 600,000 and 2 million metric tons.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.