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January Soybeans finished up 3 at 1413 3/4, 6 1/4 off the high and 8 3/4 up from the low. March Soybeans closed down 1 3/4 at 1386 3/4. This was 10 1/4 up from the low and 7 off the high.
January Soymeal closed up 2.1 at 410.6. This was 5.0 up from the low and 1.2 off the high.
January Soybean Oil finished down 0.36 at 49.14, 0.55 off the high and 0.04 up from the low.
March soybeans traded both sides of the unchanged on the day as trader's positioned ahead of Friday's USDA report and weighed a favorable supply outlook in South America against Chinese demand. Basis in the Gulf of Mexico for soybeans and meal was weaker midday due to softer demand which added a negative tilt to the futures outlook. The South American forecast is largely unchanged for the week with Brazil seeing light showers and some may slip into the drier regions of northeast Brazil. Argentina will dry down this week. The trade is looking ahead to this Friday's USDA report with December 1st Stocks estimated near 2 billion bushels vs. 2.37 billion the same period last year. Some in the trade are expecting a slight uptick in the average yield from 39.3 to just below 40 bushels per acre. Production is seen near 3 billion bushels with some estimates coming in as high as 3.1 billion and as low as 2.935. Thoughts that demand will continue to shift away from the US border to South America is seen as a negative to the price outlook for soybeans long term.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.