The average daily range for soybean oil futures expanded to 1.4 cents, reflecting increased speculative trading. Analysts expect this volatility to persist until clearer supply forecasts emerge in September. Soybeans pulled back lower into the weekend with contracts down 4 to 6 cents at the close, as December was 4 ¼ cents higher on the week. The cmdtyView national average Cash Bean price was 5 3/4 cents lower at $9.40. Soymeal futures were 60 cents lower to 70 cents higher on Friday, with December up $4 this week. Soy Oil futures were 20 to 39 points in the red on heading into the weekend, with December down 14 points since last Friday. The average close for November soybeans in the three days of October so far is at $10.18, which is part of discovery of the harvest price for crop insurance. Declines in the soy complex contributed to across-the-board losses in U.S. crop markets as traders continue to digest the Sept. 19 call between President Donald Trump and his Chinese counterpart, Xi Jinping . Prices for Chicago wheat — another commodity buyers in China sometimes favor — fell to the lowest in more than a month. Many had hoped the call would begin to ease trade tensions between the two nations, particularly on agriculture shipments. China has for months avoided purchasing U.S. soybeans while also curtailing purchases of other crops in the new season. “Friday’s phone call between Trump and Xi provided very minimal updates,” Matt Campbell, a StoneX risk management consultant, said in a note. “The market realizes a trade deal is not imminent, and the soybean market needs an imminent deal in short order.” Want more news? Listen to today's daily briefing below or go here for more info: Soybean oil futures consolidated near $0.5620 after a sharp rally, with RSI indicators hovering in overbought territory. Short-term correction risks exist, but fundamentals remain supportive due to tight inventories.
