Soybeans are trading with 4 to 7 cent gains across the front months on Wednesday. CmdtyView’s national front month Cash Bean price was up 7 cents at $9.42. Preliminary open interest showed net new buying across most contracts, up 18,484 contracts cross all but the November contract, which was another exodus of 21,115 contracts ahead of Friday’s options expiration.  Soymeal futures are up $1.30/ton. Soy Oil contracts are 38 points lower in the December contract.

The average close for November soybean futures so far in October is $10.12. That is $1.43 below the February base insurance price.

The USDA reported private export sales of 259,000 MT of soybeans to unknown and 130,000 MT of soybeans to China both for 2024/25 shipment this morning. 

The weekly Export Sales report from USDA will be published on Thursday morning, with a trade range of expectations looking for 1.2 to 2.4 MMT in 2024/25 soybean sales during the week of 10/17, with 0 to 100,000 MT in the 2025/26 marketing year. Meal sales are estimated to be 150,000 to 400,000 MT in total, with bean oil bookings sought in a range of 0 to 50,000 MT.

Nov 24 Soybeans  are at $9.98 1/2, up 6 3/4 cents,

Nearby Cash  is at $9.42, up 7 cents,

Jan 25 Soybeans  are at $10.06, up 5 1/2 cents,

May 25 Soybeans  are at $10.31, up 4 1/4 cents,