Soybean futures are currently hovering either side of UNCH after ending Thursday with 12 to 13 1/2 cents losses in the front months. Pressure came from subpar export sales and higher world ending stocks. December meal was down $3.40/ton, with nearby bean oil 23 points in the red. The mid-morning WASDE report showed most US numbers UNCH from October. The 17/18 US ending stocks were reduced 5 mbu to 425 mbu. The USDA raised the average farm price for soybeans 10 cents to $8.45 - $10.15, with the midpoint @ $9.30. World ending stocks for 17/18 were raised 1.85 MMT to 97.9 MMT, as Brazil’s expected production was upped 1 MMT to 108 MMT. Carryover from 16/17 was also increased 1.42 MMT. The USDA reported 2.52 MMT of soybean exports during the week of 11/2. That was 6.2% lower than last week and down 14.1% from this week a year ago.

Market Commentary provided by:

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