Soybeans pulled back lower into the weekend with contracts down 4 to 6 cents at the close, as December was 4 ¼ cents higher on the week. The cmdtyView national average Cash Bean price was 5 3/4 cents lower at $9.40. Soymeal futures were 60 cents lower to 70 cents higher on Friday, with December up $4 this week. Soy Oil futures were 20 to 39 points in the red on heading into the weekend, with December down 14 points since last Friday. The average close for November soybeans in the three days of October so far is at $10.18, which is part of discovery of the harvest price for crop insurance.
Traders were likely squaring up following a couple days of buying on a potential for easing of trade tensions ahead of the Trump/XI meeting later this month.
A few spots in southeast NE, IA, and the Dakotas will see 1 to 2 inches of rain in the next week putting a pause to harvest in parts of the country. Lighter totals of less than ½ inch are seen across the rest of the growing regions. For the most part, harvest should be able to continue with a few exceptions. Due to the government shutdown, Monday’s Crop Progress report will likely be delayed.
Nov 25 Soybeans closed at $10.18, down 5 3/4 cents,
Nearby Cash was $9.40 1/1, down 5 3/4 cents,
Jan 26 Soybeans closed at $10.37, down 4 3/4 cents,
Mar 26 Soybeans closed at $10.52 1/4, down 4 cents,
