Soybeans were falling for much of the Thursday session with contracts closing 24 to 28 cents in the red. There were another 377 deliveries issued overnight, taking the total to 1,470 for the month. The cmdtyView national average Cash Bean price was 26 3/4 cents lower at $10.34. Soymeal futures were down $9.80 to $12.50 in the front months, with Soy Oil futures were 26 to 34 points lower.
COFCO, a Chinese state-owned entity, held a soybean procurement signing ceremony overnight, though no specifics were given on totals.
Export Sales data was not released this morning, though analysts were expecting to see 0.4-2 MMT of soybeans sold in the week of 10/30. Meal sales are expected to total 50,000-450,000, with bean oil between 5,000-25,000 MT.
ANEC estimates the Brazilian soybean exports at 3.77 MMT for November, up 1.43 MMT from last year if realized. Trade ministry data showed official October exports at 6.73 MMT, up from 4.71 MMT from last year.
Nov 25 Soybeans closed at $10.91 3/4, down 28 cents,
Nearby Cash was $10.34, down 26 3/4 cents,
Jan 26 Soybeans closed at $11.07 1/2, down 26 3/4 cents,
Mar 26 Soybeans closed at $11.17 1/2, down 24 1/2 cents,
