Soybean Rally Holds Into Friday After Trump–Xi Call, Even as Sales Lag

USDA reported lower-than-expected weekly soybean sales, underlining that any larger Chinese buying remains unconfirmed in export data.

Overview

Front-month soybeans jumped 25–27.5 cents on Wednesday and added roughly 18–21 cents Thursday, with early Friday gains giving way to mostly steady midday trade.
President Trump said he is seeking to lift China’s soybean commitment to about 20 million metric tons this season from roughly 12 million previously after speaking with President Xi.
USDA’s weekly report showed 436,949 metric tons of soybean sales for the week ending January 29, below trade estimates, with total commitments at 34.29 MMT, down about 20% year over year.
Soy strength and firmer soymeal provided spillover support to corn, which logged midweek gains as weekly corn sales reached 1.04 MMT and a 130,480 MT private sale was reported.
Soymeal rallied while soybean oil was mixed after Treasury’s 45Z tax credit guidance added some premium to bean oil, and cattle futures fell sharply Thursday after JBS Greeley workers authorized a strike.