Soybeans Drift Mostly 2 Cents Lower

Soybean futures are 2 to 2 1/2 cents lower after being 1 3/4 to 3 1/4 cents lower at Wednesdays close. Soybean meal is down 80 cents after being $1.80/ton yesterday, while soybean oil is down 4 since finishing Wednesday 50 points lower. Preliminary open interest rose 5715 contracts, with the new selling interest in beans focused on the March contract. Larry Kudlow, chief economic advisor, indicated that the tariff increases for December are still on schedule since no China deal has been reached yet. CONAB updated the projected Brazilian output this morning; they revised up the soybean production for 19/20 to 120.86 MMT, that is 2.14 MMT below the Nov WASDE number. CONAB’s Soybean exports were UNCH at 72 MMT. There were 214 delivery notices issued overnight against November futures, with an ABN AMRO client stopping 194 of them. Open interest was down to 241 contracts.

--- provided by Brugler Marketing & Management




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