Soybeans are down 3 to 5 cents across the nearbys on Monday morning. Futures turned higher to close the Friday session, as contracts were up 1 to 2 ½ cents in the front months. January managed to post a ½ cent gain on the week, despite closing 44 ½ cents off last week’s high. Open interest was down 4,841 contracts on Friday, mostly in the January. The cmdtyView national average Cash Bean price was up 2 3/4 cents at $10.52 3/4. Soymeal futures were up $1 to $2.30 on the day, with December dropping $7.40 on the week. Soy Oil futures were 33 to 40 points lower as Dec posted an 11 point gain from last Friday.
In a CNBC interview this morning, Ag Secretary Rollins indicated the US and China woulbe “inking a deal this week or next week” in terms of the 12 MMT soybean commitments that have been previously reported.
