Soybeans surged after President Trump’s update, with front month contracts up 25 to 27 ½ cents. New crop contracts rose 4 to 11 ¼ cents. Cash bean price averaged $10.27 3/4. Soymeal futures increased $1.30 to $4.60, while Soy Oil futures rose 101 to 117 points.

President Trump discussed lifting soybean commitments with China’s President Xi. Trump aimed for 20 MMT this season, up from the previous 12 MMT target.

Traders anticipate USDA’s Export Sales report, with soybean sales expected between 0.4-1.6 MMT on January 29. Soybean meal sales projected at 250,000-500,000 MT, with bean oil sales at 0-25,000 MT.

Soybean prices closed at $10.92 1/4 for Mar 26, up 26 1/2 cents. Nearby Cash was at $10.27 3/4, up 26 1/4 cents. May 26 Soybeans closed at $11.04 3/4, up 27 1/2 cents, while Jul 26 Soybeans closed at $11.16 3/4, up 26 1/4 cents.

Read more at Yahoo Finance: Soybeans Rally on Positive Trade News