Soybeans End the Week on a High Note as Trade Tensions Ease

Soybeans were in rally-back mode on Friday, with contracts rising 7 to 9 cents during the session. November futures jumped 12 ¾ cents higher this week after holding a test of the $10 level.

The cmdtyView national average cash bean price increased by 9 1/4 cents to $9.45 ½, as basis appeared to firm somewhat. Support from soybean products was also noted. Soymeal futures were up between $2.40 and $4.10 on the day, with December contracts closing the week up $6. Soybean oil gained 24 to 29 points on Friday, finishing 116 points higher for the December contract over the five trading days.

With just two weeks left for the crop insurance discovery period to determine the harvest price, November soybean futures have averaged $10.16 so far. This is down from the February price of $10.54 but up from last year’s fall price of $10.03.

Early on Friday morning, President Trump expressed optimism about trade relations with China ahead of the upcoming leaders’ meeting in a couple of weeks. He also stated that the 100% tariffs on China are not sustainable.

Closing prices on November 25 were as follows:
– November 25 Soybeans: $10.19 ½, up 8 3/4 cents
– Nearby Cash: $9.45 ½, up 9 1/4 cents
– January 26 Soybeans: $10.36 ¾, up 8 1/4 cents
– March 26 Soybeans: $10.50 ¾, up 7 cents

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*Disclaimer: On the date of publication, Austin Schroeder did not hold (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data contained herein are solely for informational purposes. For more details, please view the Barchart Disclosure Policy [here]. The views expressed are those of the author and do not necessarily reflect the views of Nasdaq, Inc.*
https://www.nasdaq.com/articles/soybeans-end-week-high-note-trade-tensions-ease