Soybean Market Extends Wednesday Weakness

Soybean futures are 2 to 3 cents lower ahead of the USDA weekly Export Sales report. They ended the Wednesday session lower by 8 1/4 to 9 3/4 cents. Traders “bought the rumor and sold the fact” of USDA confirming big new Chinese purchases because they had been informally reported several days earlier. Soymeal futures were down by $2.30/ton, while soy oil futures finished with a 23-point loss on the day. Expectations ahead of the USDA’s weekly export sales update today run 500,000-1.1 MMT for soybeans. The trade is also anticipating USDA will show 125-300k MT for soybean meal, with an estimated 8k-30k MT of soybean oil bookings in the week ending 12/05. The December update to the USDA’s prevented planting put the total at 4.461 million acres.

--- provided by Brugler Marketing & Management

Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353

Did you know Brugler Marketing & Management has more to offer to you than just this free daily commentary?! Producers just like you rely on our custom research and daily guidance on when and how to market their commodities. Click here to learn more about what we have to offer, or call 402-697-3623. Do it today!

Do you want to know what trades Alan Brugler recommends? Subscribe to Ag Market Professional, and become part of the Brugler client group! Not sure? Ask for a FREE SAMPLE and get two FREE GIFTS! Start here

Want this Ag News delivered to your inbox? Get the FREE Brugler Ag Newsletter, delivered 3 times daily.