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Soybean prices fell 16 to 17 cents at midday, with the cmdtyView national average cash bean price at $9.30, a decline of 16 3/4 cents. Soymeal futures decreased by 90 cents to $1.80, while soy oil dropped 112 points, influenced by a $2.55 decrease in crude oil. The Chicago Board of Trade reported 16 deliveries for October bean oil and 9 deliveries against October meal overnight.
In related news, President Trump asserted on Truth Social that China is becoming “hostile” due to its export controls on rare earth minerals. He suggested a potential cancellation of his meeting with President Xi in South Korea later this month, hinting at an increase in tariffs on Chinese products. This heightened trade rhetoric is impacting market sentiment negatively.
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