Soybeans are showing 5 to 6 cent gains so far on Tuesday AM trade. Futures rounded out the bloody Monday session with contracts down 17 to 30 ¾ cents across the board. Long liquidation was noted, with a drop of 19,381 contracts in open interest. The cmdtyView national average Cash Bean price was down 29 1/2 cents at $12.32. Soymeal futures were down $3.60 to $12.20, with Soy Oil slipping just 10 to 21 points.
Following last week’s US/China meeting, China dropped tariffs on several US goods, but left soybeans off the list. This will likely limit US export business to just state-owned entities, which are exempt from the 10% tariff.
