Soybeans Seeing Some Sell the Fact Action on Chinese Buying Rumors

Core Insights - Soybean prices are experiencing a decline of 8 to 9 cents in response to market reactions after previous gains [1] - China is rumored to purchase at least 180,000 MT of soybeans ahead of the Trump/Xi meeting [2] - The U.S. soybean harvest is estimated to be around 84% complete as of October 26, although the Crop Progress report was not released due to a government shutdown [3] Price Movements - Soybean futures for November 25 closed at $10.78 1/4, up 11 cents, but are currently down 8 3/4 cents [3] - Nearby Cash prices for soybeans are at $10.10 1/2, reflecting an increase of 11 3/4 cents [3] - January 26 and March 26 soybean futures closed at $10.95 1/4 and $11.06 3/4 respectively, both showing gains but currently down by 9 cents [3] Export and Supply Insights - Brazil's soybean exports are projected at 7 MMT for October, a decrease of 0.34 MMT from previous estimates [3] - The government shutdown is affecting the availability of the FAS weekly Export Sales report and large daily sale announcements, leading to uncertainty in total export figures [2]