Futures trading will resume at 8:30 AM CST. Early calls are higher due to a weaker dollar and firmer trade in China on Thursday. 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. There was some net new selling interest, with preliminary open interest rising 2,603 contracts. Soybean meal was down 30 cents/ton, with bean oil 14 points higher. Dalian futures were up 7 cents per bushel in active January on Thursday, trading at $15.54 per bushel. The weekly Export Sales report, pushed back to this morning, 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.
--- provided by Brugler Marketing & Management
