Soybeans Pull Back Lower on Thursday

Market Overview - The soybean market closed lower, with prices down by 5 to 7 ¼ cents, and the national average cash bean price decreased by 6 cents to $9.47 3/4 [1] - Soymeal futures fell by 90 cents to $1.10, with 61 deliveries against October meal reported overnight [1] - Soy oil prices decreased by 54 to 59 points, influenced by crude oil market pressures, with 11 deliveries for October bean oil reported [1] - November soybeans averaged $10.21 through the first seven trading sessions of October, which will be used for crop insurance harvest price discovery [1] Political Influence - President Trump indicated plans to discuss soybean issues with President Xi of China, reiterating previous statements about potential trade relations [2] - The market showed little reaction to these comments, suggesting a sense of fatigue regarding ongoing trade discussions and lack of action [2] Harvest and Demand - Harvesting is progressing across most of the U.S., with parts of the Dakotas and Minnesota expecting 1 to 2 inches of rain early next week [3] - StoneX forecasts a 6.3% increase in biodiesel demand in Brazil, projecting it to reach 10.5 billion liters [3]