Soybeans are trading with 7 to 8 cent losses on Friday morning. The soybean market closed 5 to 7 ¼ cents in the red on Thursday. Preliminary open interest suggested net new selling, down 16,427 contracts. The cmdtyView national average Cash Bean price was 6 cents lower at $9.47 3/4. Soymeal futures were down 90 cents to $1.10 in the front months. There were another 9 deliveries against October meal overnight. Soy Oil was down 54 to 59 points on the day amid pressure from crude oil. The CBOT reported 16 deliveries for October bean oil overnight. November soybeans have averaged $10.21 so far through the 7 trade sessions in October, with the full month’s average used in the harvest price discovery for crop insurance.
On Thursday, President Trump said he is looking to raise the issued of soybeans in the meeting with President Xi of China later this month, repeating statements made last week. He also mentioned that the US may have to stop imports from China if the trade relations are now improving. The market failed to see much reaction as it seems fatigued with the talk and inaction.
StoneX expects to see biodiesel demand in Brazil to rise 6.3% to 10.5 billion liters.
Nov 25 Soybeans closed at $10.22 1/4, down 7 1/4 cents, currently down 8 cents
Nearby Cash was $9.47 3/4, down 6 cents,
Jan 26 Soybeans closed at $10.38 1/2, down 5 3/4 cents, currently down 7 3/4 cents
Mar 26 Soybeans closed at $10.52 1/4, down 5 cents, currently down 7 1/2 cents
