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Soybean futures experienced significant losses following a phone call between President Trump and China’s President Xi on September 16, 2023. November soybeans fell by 20 3/4 cents this week, closing at $10.25 1/2, and the cmdtyView national average cash bean price dropped 11 3/4 cents to $9.49 1/4. Additionally, soymeal futures decreased by up to 50 cents, while soy oil futures saw a decline of 164 points this week.
In related market movements, managed money returned to a net long position of 2,287 contracts, with a significant increase of 17,001 contracts during the week. Meanwhile, commercial positions became more short, increasing by 16,603 contracts to a total of 119,674 contracts.
During the call, discussions included potential trade agreements, with Taiwan committing to purchase $10 billion in U.S. agricultural goods over the next four years. The USDA projects soybean export commitments to reach 10.277 million metric tons (MMT), equating to 22% of the current USDA projection.
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