Soybean Market Grinds Another 4 Cents Lower

Soybeans are trading 4 to 4 1/2 cents lower to start the Friday daytime action in the US. Soybean futures posted losses in the front months of 4 1/4 cents on Thursday. Net new selling interest continues, with preliminary open interest rising 10,500 contracts on Thursday. Meal OI was up 8,552 contracts and soy oil OI was up 3,223 as crushers took advantage of improved board crush margins. Meal futures rose by a dollar/ton in the March futures. March soy oil futures were 54 cents lower. The USDA’s export sales report is expected to show soybean sales to 600k- 1.1 MMT of old crop and 100k-200k MT 2020/21, for the week ending 01/16. Traders also expect the report to show between 200k-450k MT of soybean meal sales, and 5,000 to 26,000 MT of oil bookings.

--- provided by Brugler Marketing & Management

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