On Friday, soybeans gained 7 to 9 cents across most contracts, leading to a weekly increase of 55 cents. The cmdtyView national average cash bean price rose 6 1/4 cents to $10.33 1/2. Soymeal futures increased by $4.50 to $6.10, with December contracts increasing by $27.50 over the week, while soy oil futures fell by 68 to 97 points, with December down 159 points since last Friday.
November soybeans averaged $10.35 in October, marking a 32-cent increase from last year, yet a 19-cent decrease from the spring price. Additionally, China purchased 4 cargoes of soybeans following a recent US/China meeting. EIA data indicated that 1.041 billion lbs of soybean oil were used in biodiesel production in August, a 14.48% year-over-year decline and 6.09% less than July. This amount represented 39.15% of total biodiesel feedstock for August, the highest rate since September 2023.
