Soybean futures were trading higher at the start of the week, gaining 9 to 11 cents across contracts. The rebound followed weakness on Friday, when contracts declined 9 to 17 cents, though November futures managed a 7 cent gain for the week. Open interest fell by 10,591 contracts, primarily in nearby months, indicating some long positions were being liquidated, though buying resumed on Monday.
The cmdtyView national average cash soybean price declined 16 1/4 cents to $12.44 1/4. Soybean meal futures retreated $7 to $14.10 in front-month contracts, though October had posted a $7.80 gain the previous week. Soy oil futures fell 89 to 129 points on Friday, with October down 149 points over the week.
Funds adjusted their positioning based on the latest CFTC data from Friday, reducing their net long position in soybean futures and options by 21,321 contracts to 244,710 contracts for the week ending September 15. A private export sale of 111,000 metric tons of soybeans for 2026/27 to China was reported by the USDA on Friday morning, providing some support to prices.
Market participants were focusing on an upcoming meeting between Chinese President Xi and US President Trump later in the week, with trade negotiations expected to be a key topic. Secretary Bessent traveled to China over the weekend to prepare for those discussions. In other developments affecting soybean supplies, AgRural estimated Brazilian soybean planting at 1.2% as of Thursday, ahead of the 0.9% pace from the prior year.
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