Soybean futures are trading 5 to 6 cents lower this morning. They closed with most contracts 5 to 7 cents higher on Thursday. Soy meal was up $1.30/ton, with front month soy oil 11 points in the red. Total export commitments for soybeans are 98% of the USDA export projection, which was left UNCH on Thursday. That is even with the average for this week. Thursday morning’s Supply and Demand report from the USDA saw a 20 mbu increase to the US soybean crush number, which reduced ending stocks. Initial projections show a 415 mbu carryout for 18/19 on larger exports and smaller production. New crop stocks for the world are projected at 96.7 MMT and would be 5.5 MMT lower yr/yr. The US accounts for a majority of the reduction in new crop world endings stocks at 86.7 MMT. Data from China’s Ag Ministry shows that they expect total imports of soybeans to be slightly reduced in 18/19 to 95.65 MMT. USDA has them at 97 MMT for old crop and 103 MMT for 2018/19.

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