Soybeans are trading higher on Thursday morning after closing with losses the previous day. Argentina reinstated export taxes after reaching a $7 billion target in exports. Export Sales data will be released, with expectations of 0.6 to 1.6 MMT in soybean sales. Brazilian soybean exports for September are expected to total 7.15 MMT.

Preliminary open interest rose 2,974 contracts. The national average Cash Bean price was $9.33 3/4. Soymeal futures were down $1 to $3.40, with Soy Oil futures closing 1 to 6 points lower. Nov 25 Soybeans closed at $10.09, Nearby Cash was $9.33 3/4, Jan 26 Soybeans closed at $10.28 1/2, and Mar 26 Soybeans closed at $10.44 3/4.

A Chinese commerce ministry spokesperson urged the US to eliminate “unreasonable tariffs.” Traders are looking for between 0.6 and 1.6 MMT in soybean sales. Meal sales are seen at 150,000 to 450,000 MT, with bean oil between net reductions of 10,000 and sales of 30,000 MT.

Read more at Yahoo Finance: Soybeans Posting Gains as Argentine Export Tax Reinstated