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Soybeans were pressured by a number of sources. “Soybeans traded lower in sympathy with the sharp drop in the crude oil market,” Ami Heesch, with CHS Hedging, said. “Prices were also pressured from a bout of profit taking after yesterday’s rally. November beans fell short of its 30-Day moving average of $8.96 with the day’s high at $8.93 ½.”

“Some support was seen overnight on news that the U.S. would delay the 10% tariffs on some Chinese products until mid-December,” Stewart-Peterson said. “High level Chinese and American officials also spoke on the phone earlier this week and some are feeling that the two sides may be softening their positions.”

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