Soybeans are seeing some continued selling from Friday, with losses of 13 to 14 cents on Monday AM trade. Futures failed to see much buying following the phone call between President Trump and Xi of China on Friday, as futures held the 10 to 12 cent losses into the close. November lost 20 3/4 cents last week. Friday’s Preliminary open interest was up 6,571 contracts, indicating new selling. The cmdtyView national average Cash Bean price was down 11 3/4 cents at $9.49 1/4. Soymeal futures were a dime to 50 cents lower in the nearby contracts, with October down $4.70 on the week. Soy Oil futures were down another 54 to 60 points on the day, as October fell 164 points last week.
Trade is likely still sifting through the lack of Chinese buying and progress towards a trade deal following last Friday’s Trump/Xi phone call.
