Soybeans are back up 3 to 4 cents so far on Wednesday morning. The soybean market slipped into the Tuesday close, as contracts were down 1 to 2 cents on the session. Open interest was down 17,022 contracts on Tuesday, a majority of which was in November ahead of options expiration on Friday. The cmdtyView national average Cash Bean price was steady at $9.58 1/4. Soymeal futures were steady to $1.90 higher on the day, with Soy Oil 50 to 66 points lower.
There were more comments from President Trump on Tuesday, noting that the tariffs on Chinese goods as of November 1 could be 155% and calling into question the meeting later this month between himself and President Xi. This is likely part of the positioning and negotiation tactic.
With just over a week and a half left for the harvest price discovery for crop insurance, the average close has been $10.18 for November soybean futures.
ANEC estimates the Brazilian soybean exports in October to total 7.34 MMT, up 0.03 MMT from their prior number. The European Commission estimates the EU soybean imports since July 1 at 3.51 MMT as of October 19, which is 0.35 MMT below last year.
Nov 25 Soybeans closed at $10.30 3/4, down 1 cent, currently up 3 3/4 cents
Nearby Cash was $9.58 1/4, up 0 cent,
Jan 26 Soybeans closed at $10.48 1/2, down 1 1/2 cents, currently up 3 1/2 cents
Mar 26 Soybeans closed at $10.62 3/4, down 1 1/4 cents, currently up 3 1/2 cents
