Soybean futures are trading 3 to 4 1/2 cents lower in the nearby contracts on Thursday. Meal futures are down $3.10/ton, with nearby soy oil 3 points higher. The USDA reported another daily private export sale of 132,000 MT to Unknown destinations for 17/18 on Thursday. This morning’s weekly Export Sales report showed 17/18 sales of soybeans at 607,381 MT for the week ending 1/4, with 9,000 MT for new crop. That is compared to estimates of 500,000-800,000 MT, and is 74.1% larger than this time last year. Export shipments tallied 1.546 MMT, an 8% jump over last year. Total soy meal sales were at 226,905 MT, with soy oil showing a net reduction of 1,612 MT. Brazil’s CONAB raised their 17/18 soybean crop projection 1.2 MMT to 110.4 MMT, with a couple other South American firms now expecting 114-114.1 MMT. Argentina’s crop is seen at 52 MMT by the Rosario Grain Exchange down 2.5 MMT from their previous estimate.

Jan 18 Soybeans are at $9.42 1/2, down 4 1/2 cents,

Mar 18 Soybeans are at $9.51 3/4, down 3 1/4 cents,

May 18 Soybeans are at $9.62 3/4, down 3 1/4 cents,

Jul 18 Soybeans are at $9.72 1/4, down 3 cents,

Jan 18 Soybean Meal is at $309.80, down $3.10

Jan 18 Soybean Oil is at $33.32, up $0.03

Market Commentary provided by:

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