Soybeans Reverting Lower on Thursday Morning

Market Overview - Soybean futures experienced a decline of 10 to 12 cents in most front months during Thursday morning trade, following a rebound of 11 to 15 cents on Wednesday's close [1] - Open interest increased by 21,553 contracts, indicating new buying interest in the market [1] - The total number of deliveries for the month reached 1,470, with an additional 377 deliveries issued overnight [1] Price Movements - The cmdtyView national average cash bean price rose by 13 1/4 cents to $10.60 3/4 [1] - Soymeal futures increased by $4.40 to $7.40, while soy oil futures remained steady or increased by up to 16 points [1] Trade Relations - China has suspended some retaliatory tariffs on US goods but maintains a 10% tariff from the Liberation Day response, resulting in a total tariff of 13% on US soybeans [2] - State-owned entities in China are expected to be exempt from these tariffs [2] - The market is assessing the impact of the government shutdown and the lack of export sales data on US soybean business with China [2] Export Sales Estimates - Analysts estimate that soybean export sales for the week of 10/30 will range from 0.4 to 2 million metric tons (MMT) [3] - Meal sales are projected to be between 50,000 and 450,000 metric tons, while bean oil sales are expected to range from 5,000 to 25,000 metric tons [3] Current Prices - As of the latest data, November 25 soybeans closed at $11.19 3/4, up 11 1/2 cents, but are currently down 11 1/4 cents [3] - Nearby cash soybeans are priced at $10.60 3/4, up 13 1/4 cents [3] - January 26 soybeans closed at $11.34 1/4, up 12 3/4 cents, and are currently down 10 cents [3] - March 26 soybeans closed at $11.42, up 14 1/4 cents, and are also currently down 10 cents [3]