Soybeans were lower on profit taking and technical selling. The USDA Thursday confirmed China did buy 1,130,000 tons of U.S. beans, less than the 5 million to 8 million expected, and while more sales announcements are possible, the timing is unclear. Still, it was unlikely a purchase of that size would be done all at once because of shipping logistics and trade negotiations are ongoing. Weekly export numbers were bearish. Near-term forecasts have a drier pattern in Brazil and wet weather for Argentina, potentially harming the developing South American crop.
Continue reading Soybeans down, waiting for more sales to China at Brownfield Ag News.
