Through the first five trading days of October, November soybean futures have averaged $10.19. The full month’s average will be used for harvest price determination under crop insurance.

Overall news flow was light due to the lack of USDA data, but the market was pressured by the biggest headline of the day. Earlier this morning, President Trump posted on Truth Social that China is becoming “hostile” in response to Chinese export controls on rare earth minerals. In a lengthy post, he mentioned that he might not meet President Xi later this month in South Korea and that “one of the policies we are calculating at this moment is a massive increase of tariffs on Chinese products.”

Later in the day, after the market closed, President Trump announced a new 100% tariff on Chinese goods starting November 1, along with export controls on critical software.