Soybean Prices Tumble Despite Higher Weekly Move Amid Tariff Talks

Soybean prices declined on Friday due to fund and technical selling, but still managed to post a higher weekly move. The modest gains were partly driven by optimism ahead of a trade delegation visiting Washington D.C. next week, where tariffs may be discussed.

China's state grain storage company Sinograin announced plans to auction 543,000 tons of previously purchased soybeans from reserves on October 22nd. Meanwhile, forecasts suggest harvest delays due to rain in some areas, while others make decent progress.

The USDA's weekly crop progress and condition update is scheduled for release on Monday afternoon. Soybean meal and oil futures also fell due to fund and technical selling.