Soybeans are trading with 4 to 7 cent gains so far on Tuesday morning as new crop November us up 12 ½ cents. Futures were down 60 to the 70 cent limit on Monday across the front months. Expanded limits of $1.05 are set for Tuesday. Open interest was down 21,862 contracts on Monday, mostly in May (18,356). The cmdtyView national average Cash Bean price was down 70 1/2 cents at $10.80 3/4. Soymeal futures were down $5.10 to $11.50 in the front months to close out the day, with Soy Oil futures down the 350 point limit through September. Crude oil was down $4.49 on the day.
US Treasury Secretary Bessent and Chinese counterparts met this weekend in Paris to prep for the meeting between President Trump and President Xi later this month. Following the meeting it was noted that China was open to buying more US ag goods, specifically more non-soybean row crops, putting some doubts on another 8 MMT for the current MY suggested by President Trump last month. Late on Sunday President Trump stated there could be a delay in the meeting with China, while also expecting to see China help unblock the Strait of Hormuz, with some thinking that the two are tied to one another, though Secretary Bessent has stated they are not.
