Soybeans are kicking off Monday with 19 to 21 cent gains following an late Sunday post from President Trump. Futures posted losses of 5 to 7 cents across most contracts on Friday, as September and November ended the week with a 1 ¾ cent loss. The cmdtyView national average Cash Bean price was down 7 cents at $9.28 1/4. Soymeal futures were creeping back higher, up 40 to 70 cents at the close, as September was $5.70 higher on the week. Soy Oil futures were down 78 to 88 points on the day, with September posting a weekly loss of 177 points. There were another 108 August soybean meal deliveries, with the month to date total at 3,471 contracts.
Overnight, President Trump posted that, “China is worried about its shortage of soybeans. Our great farmers produce the most robust soybeans. I hope China will quickly quadruple its soybean orders...” This was enough to take the market higher on the hopes of some buying, if not a deal.
