Soybean futures are rising by 6 to 7 cents as trade talks are set for the week following Monday’s losses of 9 to 11 cents. Preliminary open interest saw a decrease of 17,277 contracts, and the average Cash Bean price was down to $9.77. Soymeal futures were mixed, while Soy Oil futures dropped.

A Chinese trade official is scheduled to meet with US trade representatives in D.C. this week, as reported by the Wall Street Journal.

US crop progress data indicated 89% of soybeans are setting pods and 4% are dropping leaves, with condition ratings up to 69% gd/ex. Export Inspections showed 382,806 MT of soybeans shipped in the week of 8/21, with Indonesia, Mexico, and Italy as major buyers. Yearly shipments are 11.5% higher than last year.

Soybean futures closed at $10.25 1/2, down 11 cents, while Nearby Cash was $9.77, down 11 cents. Nov 25 Soybeans closed at $10.47 3/4, down 10 3/4 cents, and Jan 26 Soybeans closed at $10.67 3/4, down 9 1/4 cents. New Crop Cash was $9.69 1/2, down 11 cents.

Read more at Yahoo Finance: Soybeans Starting Tuesday with Turnaround Action