Soybeans saw a slight recovery on Monday with contracts up fractionally to 2 ½ cents at the close. November soybeans are averaging $10.18 at the close in the nine sessions through October. The cmdtyView national average Cash Bean price was 1 3/4 cents higher at $9.33 3/4. Soymeal futures were down 40 cents to $1.00/ton, with Soy Oil up 53 to 64 points in the day.
NOPA crush data is expected to be released on Wednesday, showing September crush. CONAB data will be out on Tuesday, showing Brazil soybean production estimates.
On Friday, President Trump announced a new 100% tariff on Chinese goods starting November 1, as well as imposing export controls on any critical software. Later over the weekend he stated to “don’t worry about China.” The markets had a little more positive reaction to open the week.
Brazil’s soybean planting is 14% complete by Thursday according to Ag Rural, up from the 8% in the same period last year. China’s soybean imports in September totaled 12.87 MMT, up from the 12.28 MMT in August and 13.2% above the same month last year. None of that was US sourced, with a heavy load from Brazil.
Nov 25 Soybeans closed at $10.07 3/4, up 1 cent,
Nearby Cash was $9.33 3/4, up 1 3/4 cents,
Jan 26 Soybeans closed at $10.25 1/4, up 2 cents,
Mar 26 Soybeans closed at $10.40, up 2 1/2 cents,
