Soybeans were modestly lower on profit taking and technical selling. China bought 126,000 tons of 2019/20 U.S. soybeans, a routine amount, but the first since the phase one agreement, and while weekly sales were bullish, they were well anticipated. Treasury Secretary Steven Mnuchin says phase one of the U.S./China trade deal will be signed in early January. More tariff waivers are expected after the deal is signed. Beans are also watching crop development conditions in Argentina and Brazil, with some dry areas expected to receive much needed rainfall.
Continue reading Soybeans see more profit taking at Brownfield Ag News.
