Soybeans are trading with Friday morning gains of 5 to 6 cents. Futures posted Thursday losses of 6 to 7 cents across most contracts. Preliminary open interest was up 5,042 contracts on Thursday. The cmdtyView national average Cash Bean price as down 6 1/4 cents at $9.60 1/2. Soymeal futures were 90 cents to $2 lower in the front months on Thursday. Soy Oil futures were down another 36 to 67 points on the day.
President Trump is expected to hold a phone call with China’s President XI this morning, as the two are likely to discuss trade talks. The White House also reported that Taiwan agreed in commitments to buy $10 billion of US ag goods over the next 4 year, with USDA secretary Brooke Rollins citing corn, soybeans, wheat, and beef directly. The last 5 years has seen Taiwan purchases ranging from $3.2 to 4.2 billion, with the 4 products cited ranging from $1.6 to $2.5 billion.
