Soybeans are trading with Monday AM losses of 20 to 25 cents. Futures came back to close Friday with contracts down 1 ¾ cent in some back months to November’s 1 ½ cent gain. Trade details set to be announced Monday calmed the selling. November saw 15 ½ cent gain on the week. Open interest was down 7,070 contracts on Friday, suggesting some longs were taking some money off the table. The cmdtyView national average Cash Bean price was up 1 1/2 cents at $12.62 1/2. Soymeal futures were down a dime to $2.20 in the most contracts, as October was up $19.30 on the week. Soy Oil was 1 to 33 points on Friday with October slipping back 44 points.
Following last week’s US/China meeting, China dropped tariffs on several US goods, but left soybeans off the list. This will likely limit US export business to just state-owned entities, which are exempt from the tariff.
