Soybean futures are trading 7 to 8 cents lower in the front months following 2-3 cent gains this morning. December meal is down $2.40/ton, with nearby bean oil 26 points lower. The USDA issued a correction to a private export sale to China reported on Nov 30, lowering the total from 525,000 MT to 393,000 MT. Wednesday morning’s Stats Canada report put Canadian canola production at 21.313 MMT. That exceeded most analysts’ estimates and was an increase of 8.7% from the previous year. The soybean crop was at 7.717 MMT, just short of expectations but 16.6% larger than 2016 production. Analysts are expecting this week’s USDA Export Sales report to show sales of 1-1.5 MMT for 17/18 soybeans.

Jan 18 Soybeans are at $10.00 3/4, down 7 3/4 cents,

Mar 18 Soybeans are at $10.12 1/2, down 8 cents,

May 18 Soybeans are at $10.23, down 7 3/4 cents,

Jul 18 Soybeans are at $10.30 3/4, down 8 cents,

Dec 17 Soybean Meal is at $338.90, down $2.40

Dec 17 Soybean Oil is at $33.15, down $0.26

Market Commentary provided by:

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