Soybeans futures settled with 7 to 8 ¼ cent losses in the front months on Wednesday. The 7 ¼ cent losses was the largest move lower for Jan futures since October 28. Soybean meal was down 30 cents/ton, with bean oil 14 points higher. The weekly Export Sales report, pushed back to Friday, is expected to show 0.7-1.4 MMT in soybean sales for the week ending last Thursday. Meal bookings are seen at 100,000-300,000 MT, with bean oil in a range of 12,000-50,000 MT. According to Customs data out of China, 8.688 MMT of soybeans were imported during October, up 40.6% from last year. Of that total, 3.4 MMT were from the US (nearly triple 2019), with 4.23 MMT originating from Brazil. Brazil’s 20/21 soybean crop is estimated at 130 MMT by Rabobank, which is 3 MMT shy of the current USDA number.
| JAN 21 Soybeans closed at $11.84, down 7 1/4 cents, |
| MAR 21 Soybeans closed at $11.86 1/4, down 7 cents, |
| MAY 21 Soybeans closed at $11.84 1/2, down 7 1/2 cents, |
| JUL 21 Soybeans closed at $11.80 1/2, down 7 1/4 cents, |
| DEC 20 Soybean Meal closed at $398.00, down $0.30, |
| DEC 20 Soybean Oil closed at $38.20, up $0.14 |
--- provided by Brugler Marketing & Management
