At Wednesday’s closing bell front month soybean futures were down by 3 1/2 to 5 3/4 cents. The national average soybean basis from cmdtyView was 56.67 cents under Nov on 9/23. Compared to last year, that is 25 c/bu stronger. Meal futures maintained their rally, closing the midweek session with gains of $2.7 to $4.8/ton. Bean oil futures fell back another 80 to 98 points on the day. This morning, USDA announced 132,000 MT of beans sold to China and 126,000 MT sold to unknown. Analysts estimate USDA will show between 2-3 MMT of bean bookings in tomorrow’s Export Sales report. Much of that is “known” business from the daily reporting system. The weekly update is also expected to show 0-100,000 MT of meal sold with 19/20 delivery. Meal bookings with 2020/21 delivery are estimated between 200-400k MT. BO bookings are estimated to combine between 0-40k MT.

--- provided by Brugler Marketing & Management