Soybeans Down on Wednesday

Soybeans futures ended the day with the nearby contracts 5 to 5 1/2 cents lower. Soybean meal was down $3.30/ton, with soy oil 35 points higher. The trade range of estimates for the weekly Export Sales report is net reductions of 50,000 to sales of 50,000 MT for old crop sales in the last couple days of the MY. New crop is seen in a range of 0.6 to 1.1 MMT for the week that ended on September 5. The WAOB is expected to show a slight reduction in old crop world soybean ending stocks to 114.23 MMT on Thursday. The average estimate for new crop is 100.11 MMT, which would be down 1.63 MMT from August. China is signing an agreement permitting importation of Argentine soybean meal, again diversifying suppliers.

SEP 19 Soybeans closed at $8.54, down 5 1/4 cents,

NOV 19 Soybeans closed at $8.66 1/2, down 5 1/2 cents,

JAN 20 Soybeans closed at $8.80 1/2, down 5 1/4 cents,

MAR 20 Soybeans closed at $8.94, down 5 cents,

SEP 19 Soybean Meal closed at $289.60, down $3.30,

SEP 19 Soybean Oil closed at $28.73, up $0.35

-- provided by Brugler Marketing & Management

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