Soybean futures experienced losses on Wednesday, with January contracts closing at $10.58¼, a decrease of 4½ cents. The cmdtyView national average cash bean price also fell 5 cents to $9.87¼. Soymeal futures dropped between $4.10 and $5.20, while soy oil futures remained steady or increased slightly.
The USDA reported private export sales totaling 198,000 metric tons (MT) to China and 125,000 MT to unknown destinations. Additionally, estimates from ANEC for Brazilian soybean exports in December increased to 3.57 million metric tons, up 0.24 million from the previous estimate. As of the week ending December 2, managed money added 1,137 contracts to a net long position, bringing it to 215,428 contracts for soybean futures and options.
