Soybean futures settled the Wednesday session 2 to 3 3/4 cents lower in most contracts. January soy meal was down $1/ton, as nearby bean oil was 13 points in the red. The USDA reported a private export sale of 110,000 MT of soybeans to China for 17/18 delivery through their daily reporting system. The national soybean cash price according to DTN’s national soybean index was $8.90 3/4 on Tuesday. That is 57 cents lower than the same day last year, as the national basis is at -65 1/2 cents, 1 1/2 cents behind last year at this time. Dr. Cordonnier also left his estimate for Brazil production at 108 MMT, as Argentina remained at 55 MMT. There was an explosion reported at a port in Rosario’s Grain hub, possibly affecting Argentina's shipping activities.

Jan 18 Soybeans closed at $9.55 1/2, down 3 3/4 cents,

Mar 18 Soybeans closed at $9.67 1/2, down 3 cents,

May 18 Soybeans closed at $9.78 1/2, down 3 cents,

Aug 18 Soybeans closed at $9.91 1/4, down 2 3/4 cents,

Jan 18 Soybean Meal closed at $314.20, down $1.00,

Jan 18 Soybean Oil closed at $33.07, down $0.13

Market Commentary provided by:

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