Soybean Market Steady to 1 Cent Lower

Soybeans futures are starting off Thursday steady to 1 cent per bushel lower after 1 to 5 3/4 cent losses in the front months on Wednesday. Longs were liquidating November positions, with preliminary open interest down 10,433 across all months but down 11,208 in November. Soybean meal was down $3.80/ton with soy oil 23 points higher. Trade expectations for Thursday’s USDA report are for 0.9-1.4 MMT in soybeans export sales during the week of 9/26. Meal sales are seen at 50,000-350,000 MT, with soy oil at 5,000-40,000 MT. Brazil’s trade ministry tallied Sep soybean exports at 4.447 MMT, slightly lower than last year and down from the 5.321 MMT in August. -- provided by Brugler Marketing & Management

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