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On Monday morning, soybeans experienced gains of 3 to 5 cents in the front months, following a strong performance on Friday that saw prices rise 7 to 9 cents and a weekly gain of 55 cents for November futures. The total open interest increased by 6,882 contracts on Friday, indicating new buying activity. There were 207 deliveries issued, bringing the monthly total to 884. The cmdtyView national average cash bean price increased 6 1/4 cents to $10.33 1/2.
Furthermore, China purchased 4 additional cargoes of soybeans after last week’s US/China meeting. In August, the EIA reported 1.041 billion lbs of soybean oil used in biodiesel production, down 14.48% year-over-year. Brazil’s soybean planting is at 47%, trailing last year’s 54% rate.
For context, November soybeans averaged a close of $10.35 in October, which is 32 cents higher than last year but 19 cents lower than the spring price.
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