Soybeans Market News and Commentary

Soybean futures are fractionally lower this morning. They posted 5 to 5 1/2 cent gains on Wednesday, after US/China trade talks concluded. Soymeal futures were up $1.40/ton, with soy oil 14 points higher. Following the 3-day meeting between US and China, a US trade representative stated one of the focuses was China’s pledge to buy a “substantial amount” of US goods. That is a follow up from earlier talks, with still few details on what, when, and how much will be purchased. With the government shutdown still ongoing, Export Sales data will not be released today. AgRural cut their Brazil production estimate by 4.5 MMT from November to 116.9 MMT. CONAB put out their updated estimates this morning at 118.8 MMT vs. 120 MMT last month.

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