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Soybean prices fell by 8 to 9 cents on Wednesday morning following a sell-off, after gains of 4 ¾ to 11 ¼ cents on Tuesday. The decline accompanied a decrease in open interest by 19,701 contracts. The cmdtyView national average cash bean price increased by 11 3/4 cents to $10.10 1/2, while soymeal futures rose by $6.20 to $8.50, and soy oil futures dropped by 16 to 51 points.
Anticipation surrounds a potential meeting between Trump and Xi, with rumors of China purchasing at least 180,000 MT of soybeans. The government shutdown has hindered the availability of the FAS weekly Export Sales report, leaving exact purchase totals uncertain.
As of October 26, soybeans are estimated to be approximately 84% harvested. Meanwhile, Brazil’s soybean exports for October are projected at 7 MMT, a decrease of 0.34 MMT from previous estimates.
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