Soybeans were in rally back mode on Friday, as contracts were up 7 to 9 cents on the session. November popped 12 ¾ cents higher this week after holding a test of $10. The cmdtyView national average Cash Bean price was 9 1/4 cents higher at $9.45 ½, as basis seemed to firm somewhat.
Support from the products was noted, as Soymeal futures were up $2.40 to $4.10 on the day, to have December close with a $6 gain on the week. Soy Oil was 24 to 29 points higher on Friday, with December 116 points higher over the 5 trade days.
With just 2 weeks left for the Crop Insurance discovery for the harvest price, November soybean futures have averaged $10.16 thus far. That is down from $10.54 from the Feb price but up from $10.03 from last year’s fall price.
Early on Friday morning, President Trump he think’s we’ll be fine with China ahead of the leaders meeting in a couple weeks. He also stated the 100% tariffs on China are not sustainable.
Nov 25 Soybeans closed at $10.19 1/2, up 8 3/4 cents,
Nearby Cash was $9.45 1/2, up 9 1/4 cents,
Jan 26 Soybeans closed at $10.36 3/4, up 8 1/4 cents,
Mar 26 Soybeans closed at $10.50 3/4, up 7 cents,
