Soybean futures ended the Wednesday session with 22 to 23 cent losses. The market was weighed upon by the continued trade dispute with China and position adjustments in front of Thursday’s WASDE release. Nearby soy meal was down just $1.40/ton, with soy oil 55 cents lower. Late on Tuesday, the Trump Administration announced they will begin the process of implementing 10% tariffs on another $200 billion in imported Chinese goods. Soybean export sales for old crop is seen at 200,000-500,000 MT and 250,000-550,000 MT for new crop in tomorrow’s Export Sales report. Soy Meal sales are expected at 80,000-400,000 MT, with soy oil at 10,000-40,000 MT. US production is seen at 4.324 bbu, nearly 44 mbu larger than June’s report, mainly on higher acreage. China sold 171,778 MT of 2013 soybeans from an auction of state reserves on Wednesday, totaling 34.73% of the amount offered.
Jul 18 Soybeans closed at $8.29 3/4, down 22 1/2 cents,
Aug 18 Soybeans closed at $8.33, down 22 3/4 cents,
Sep 18 Soybeans closed at $8.38, down 23 cents,
Jan 19 Soybeans closed at $8.58 1/4, down 23 cents,
Jul 18 Soybean Meal closed at $333.00, down $1.40,
Jul 18 Soybean Oil closed at $28.33, down $0.55