Soybean futures are currently 7 to 8 cents lower on profit taking selling after also closing Wednesday with 3 to 5 3/4 cent losses. December meal was down 90 cents/ton, with nearby bean oil 32 points lower. Census data shows soybean exports in October at 9.441 MMT, down 15.8% from last year but more than double September’s total. 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 bearish sales of 1-1.5 MMT for 17/18 soybeans.

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