Beans and Bushels: China's Buying Spree Lifts March Futures Past Ten-Fifty
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Beans and Bushels: China's Buying Spree Lifts March Futures Past Ten-Fifty
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This is your Daily Soybeans Price Tracker with Vanessa Clark podcast.
Hey friends, welcome to the Daily Soybeans Price Tracker with me, Vanessa Clark. Today Im diving into the latest on soybean prices, futures movements, export buzz, and what it all means for you.
Right now, March soybean futures are sitting at 10 dollars and 53 cents per bushel, up 10 and a half cents from yesterday, according to closing reports from GX94 Radio. Early morning action from AgMarket.Net shows soybeans ticking up another 2 to 3 cents, with front-month contracts holding steady to higher. Cash prices are strong too, like the national average cash bean price at 9 dollars and 70 and a half cents, up 4 cents per Barchart updates.
Big news on exports: U.S. soybean sales hit 75.8 million bushels for the week ending January 8th, a multi-week high per Brownfield Ag News, with China snapping up over half. Fresh flash sales announced today include 204,000 metric tons to China for next season from DTN Progressive Farmer reports. Thats bullish fuel amid worries about Brazil ramping up harvest, where CONAB just cut their crop estimate to 176 million metric tons.
Support for March beans is firm at 10 dollars and 38 cents, forming a double bottom, while resistance looms at 10 dollars and 58 cents. Rallies might cap near 10 dollars 50 to 60 cents as Brazilian supply grows.
For you growers and traders, heres your takeaway: Watch export sales data dropping soon, eyeing 0.8 to 1.8 million metric tons. If China keeps buying U.S. beans post their 12 million metric ton pledge, it could lift prices. Hedge those new crop sales if youre above moving averages, but stay nimble with South American harvest news.
Thanks for tuning in, buddies. Subscribe, share with your farm crew, and catch you tomorrow for more soybean scoops!
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