Soybeans were under pressure from increased trade tensions on Friday, with losses of 14 to 16 cents and November down 11 ¼ cents on the week. The cmdtyView national average Cash Bean price was 15 3/4 cents lower at $9.31. Soymeal futures fell $1.60 to $2.30 on the day, with the weekly losses at $3.60. There were another 9 deliveries against October meal overnight. Soy Oil was down 97 to 110 points on the day amid pressure from $3.31 losses in crude oil. December soy oil was down 8 points this week. The CBOT reported 16 deliveries for October bean oil overnight.
November soybeans have averaged $10.19 so far through the 5 trade days in October, with the full month’s average used in the harvest price discovery for crop insurance.
News overall was light with the lack of USDA data, but that didn’t stop the biggest story from pressuring the market. Earlier this morning, President Trump posted on Truth Social that China is becoming “hostile” in response to Chinese export control over rare earth minerals. In a lengthy post, he mentioned that he now may not be meeting with President Xi later this month in South Korea and “one of the policies that we are calculating at this moment is a massive increase of tariffs on Chinese products.” Late in the day, after the close, President Trump announced a new 100% tariff on Chinese goods starting November 1, as well as imposing export controls on any critical software.
Nov 25 Soybeans closed at $10.06 3/4, down 15 1/2 cents,
Nearby Cash was $9.31, down 15 3/4 cents,
Jan 26 Soybeans closed at $10.23 1/4, down 15 1/4 cents,
Mar 26 Soybeans closed at $10.37 1/2, down 14 3/4 cents,
