Soybean Market Mostly 2 Cents Lower in US

Soybeans futures are trading mostly 2 cents lower. They were down 4 1/4 to 4 3/4 cents per bushel on Thursday. There was some net new selling, with preliminary open interest rising 13,735 contracts. Meal futures ended lower by $1/ton and soy oil was down 20 points. The weekly Export Sales report indicated net sales of 25,936 MT for old crop soybeans for the week ending 8/15. New Crop sales beat out the top end of estimates at 792,575 MT and 38% above the same week last year. Of this, 421,000 is set for unknown destinations. China officially purchased 9,589 MT in old crop and 66,000 MT for delivery next MY. The Pro Farmer Midwest Crop Tour wrapped up on Thursday with legs through MN and IA, again finding pod counts below last year for those routes. USDA’s current national average yield estimate is 6% below year ago. --- provided by Brugler Marketing & Management




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