Soybean futures are trading 4 to 8 cents lower this morning. They showed losses of 7 to 9 cents in the front months yesterday on profit taking ahead of today’s USDA supply/demand report. Nearby Soymeal futures were down $4.30/ton, with front month soy oil 37 points lower. Analysts are expecting that the USDA will raise Brazilian production 1.9 MMT to 113.9 MMT. That is estimated to be more than offset by a 5.5 MMT drop in Argentine production to 48.5 MMT. Some trade estimates are as high as 117 MMT for Brazil, however. World ending stocks for 17/18 are seen at 95.5 on that lower Argentine production, down 2.64 MMT from February. Weekly Export Sales are projected to range 900K to 1.4 MMT in the USDA report, with 100,000-300,000 MT for new crop. Sales of soy meal are seen at 100,000-350,000 MT, with soy oil at 10,000-40,000 MT.

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