Soybeans

Soybean futures are trading 2 to 3 cents higher this morning. They 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 today’s WASDE release. Nearby soy meal was down just $1.40/ton, with soy oil 55 cents lower. Soybean export sales for old crop are seen at 200,000-500,000 MT, with 250,000-550,000 MT for new crop in this morning’s USDA weekly Export Sales report. Soy Meal sales are expected at 80,000-400,000 MT, with soy oil at 10,000-40,000 MT. The average trade guess for old crop world soybean stocks is for a 0.49 MMT reduction to 92 MMT, as new crop is seen up 1.68 to 88.7 MMT. The WASDE report is scheduled for release at 11 am CDT.




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