Soybeans are up 3 to 4 cents so far on Monday morning. Futures were under pressure from increased trade tensions on Friday, with losses of 14 to 16 cents and November down 11 ¼ cents on the week. Preliminary open interest showed a rotation of ownership, up just 1,026 contracts. The cmdtyView national average Cash Bean price was 15 3/4 cents lower at $9.31. Soymeal futures fell $1.60 to $2.30 on the day, with the weekly losses at $3.60. There were another 22 deliveries against October meal overnight. Soy Oil was down 97 to 110 points on the day amid pressure from $3.31 losses in crude oil. December soy oil was down 8 points last week. The CBOT reported 8 deliveries for October bean oil overnight.

November soybeans have averaged $10.19 so far through the 8 trade days in October, with the full month’s average used in the harvest price discovery for crop insurance. 

On Friday, President Trump announced a new 100% tariff on Chinese goods starting November 1, as well as imposing export controls on any critical software. Later over the weekend he stated to “don’t worry about China,” with markets taking a whiplash approach back higher on the walk back. 

Brazil’s soybean planting is 14% complete by Thursday according to Ag Rural, up from the 8% in the same period last year. China’s soybean imports in September totaled 12.87 MMT, up from the 12.28 MMT in August.

Nov 25 Soybeans  closed at $10.06 3/4, down 15 1/2 cents, currently up 3 cents

Nearby Cash  was $9.31, down 15 3/4 cents,

Jan 26 Soybeans  closed at $10.23 1/4, down 15 1/4 cents, currently up 3 1/4 cents

Mar 26 Soybeans  closed at $10.37 1/2, down 14 3/4 cents, currently up 3 1/2 cents