Soybeans saw steady trade in some deferred contracts on Friday, with nearbys down fractionally to 3 cents. November was up 22 ¼ cents this week. November options expired today, with first notice day on the 31st. The cmdtyView national average Cash Bean price was 2 1/2 cents lower at $9.73 3/4. Soymeal futures were up $1.80 to $4.10 at the close, with December $13.10 higher this week. Soy Oil futures were down 48 to 60 points on the day, with December on 86 points on the week.
The average close for November soybeans has jumped to $10.22 so far in October. There are 5 days left to determine the harvest price for crop insurance. That is still 19 cents above the harvest price last year but down 32 cents from the February base price.
President Trump and China’s President Xi are expected to meet in South Korea on Thursday. Talks at lower levels are taking place this week, with Secretary Bessent meeting with counterparts this weekend. The US also has launched an investigation into the Chinese compliance with the Phase One trade deal from 2020.
Nov 25 Soybeans closed at $10.41 3/4, down 3 cents,
Nearby Cash was $9.73 3/4, down 2 1/2 cents,
Jan 26 Soybeans closed at $10.60 1/4, down 1 3/4 cents,
Mar 26 Soybeans closed at $10.73 1/2, down 1 3/4 cents,