Soybean Market Extends Wednesday Weakness

Soybean futures are 2 to 3 cents lower ahead of the USDA weekly Export Sales report. They ended the Wednesday session lower by 8 1/4 to 9 3/4 cents. Traders “bought the rumor and sold the fact” of USDA confirming big new Chinese purchases because they had been informally reported several days earlier. Soymeal futures were down by $2.30/ton, while soy oil futures finished with a 23-point loss on the day. Expectations ahead of the USDA’s weekly export sales update today run 500,000-1.1 MMT for soybeans. The trade is also anticipating USDA will show 125-300k MT for soybean meal, with an estimated 8k-30k MT of soybean oil bookings in the week ending 12/05. The December update to the USDA’s prevented planting put the total at 4.461 million acres.

--- provided by Brugler Marketing & Management




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