Soybeans remained under pressure Friday as trade tensions escalated, falling 14 to 16 cents on the week before and 11 ¼ cents in November. CmdtyView’s national average cash bean price was down 15 3/4 cents at $9.31. Soymeal futures fell $1.60 on the day to $2.30, with weekly losses at $3.60. There were 9 more deliveries overnight than the October meals. Soy oil was down 97 to 110 points on the day amid pressure from $3.31 fall in crude oil. December soy oil was down 8 points this week. CBOT reported 16 deliveries for October bean oil overnight.
The average price for November soybeans so far over the 5 trading days in October has been $10.19, with the full month average used in the search for crop prices for crop insurance.
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Overall the news was light due to the lack of USDA data, but that didn’t stop the biggest stories from weighing on the market. Earlier this morning, President Trump posted on Truth Social that China is being “hostile” in response to Chinese export controls on rare earth minerals. In a lengthy post, he noted that he would no longer be able to meet President Xi in South Korea later this month and that “one of the policies we are calculating at this time is a massive increase in tariffs on Chinese products.” Later in the day, President Trump announced new 100% tariffs on Chinese goods effective November 1, as well as imposing export controls on any critical software.
25 November soybean Down 15 1/2 cents at $10.06 3/4,
cash nearby Was $9.31, down 15 3/4 cents,
26 January soybean It closed at $10.23 1/4, down 15 1/4 cents.
26 March soybean It closed at $10.37 1/2, down 14 3/4 cents.
On the date of publication, Austin Schroeder did not have (directly or indirectly) any positions in any securities mentioned in this article. All information and data in this article is for informational purposes only. Please see the Barchart Disclosure Policy here for more information.
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