Soybeans are looking at 2 to 3 cent higher trade so far on Tuesday morning. The soybean market got help from product values and friendlier trade talk on Monday, as contracts closed with 12 to 14 cent gains. Open interest suggested new buying interest, up 2,613 contracts. The cmdtyView national average Cash Bean price is 12 3/4 cents higher at $9.58 ¼. With less than 2 weeks left for the harvest price discovery for crop insurance, the average close has been $10.17 for November soybean futures. Support from the products was noted, as Soymeal futures were up $4 to $4.80 on Monday, with Soy Oil 18 to 34 points higher
Over the weekend President Trump stated he was confident in reaching a soybean deal with China and he “wants China to buy soybeans at least in the amount they were buying before.” He reiterated similar statements on Monday.
