Soybeans Face a Wednesday Correction Ahead of the US/China Meeting

Soybeans rounded out the Wednesday session with most contracts fractionally to 7 ½ cents higher at the close. The cmdtyView national average Cash Bean price was down 7 cents at $12.59 3/4. Soymeal futures were mixed, with front month October up $1.40 and other contracts steady to down $2, with Soy Oil slipping 3 to 12 points. 

Traders taking some risk off ahead of the meeting between the US and Chinese leaders on Thursday. Some are looking for the meeting to focus on extending the current trade truce and look to make progress on the current tariffs.

Export Sales data from USDA will be out on Thursday, with analysts surveyed by Reuters looking for 1.5 to 2 MMT in the week of September 17. Bean meal sales are seen in a range of 250,000 to 375,000 MT, with bean meal sales expected between net reductions of 2,000 MT and net sales of 6,500 MT.

Nov 26 Soybeans  closed at $13.18, down 7 1/2 cents,

Nearby Cash  was $12.59 3/4, down 7 cents,

Jan 27 Soybeans  closed at $13.33 3/4, down 7 1/2 cents,

Mar 27 Soybeans  closed at $13.42 1/2, down 6 1/4 cents,

On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.