“`html
Soybeans fell on Wednesday, with front months down 15 to 17¼ cents, closing with the cmdtyView national average Cash Bean price at $10.63¾, a decrease of 17 cents. The USDA reported a sale of 330,000 MT of soybeans to China, following a larger sale of 792,000 MT the previous day. Soymeal futures dropped by $9, while Soy Oil futures were down by 105 points.
August soybean exports reached 2.273 MMT (83.53 mbu), marking a 3-year high for that month and a 29.85% increase over July. However, soybean meal exports hit a record 1.336 MMT, despite a slight decline of 4.03% from July. The week of October 2 is expected to show soybean export bookings between 0.6 to 1.6 MMT. Commitment of Traders data indicated a net short position of 38,712 contracts in soybean futures and options as of September 30.
ANEC projects Brazilian soybean exports at 4.71 MMT in November, up by 0.45 MMT, while Safras & Mercado revised their estimates for the Brazilian soybean crop to 178.76 MMT, a decrease of 2.16 MMT from earlier forecasts.
“`
