Soybeans Pull Back 2 to 3 Cents

Soybean futures are trading 2 to 3 cents lower after gains yesterday. They closed 9 to 10 1/2 cents higher on Turnaround Tuesday. August soybean meal was up $5.70/ton, with soy oil 47 points lower. The monthly WASDE balance sheet update saw a 20 mbu reduction to the soybean crush estimate for old crop. Besides the smaller production, new crop saw a 100 mbu drop to projected exports at 1.775 bbu, as carryout was still down 40 mbu. On the world side, WAOB cut 2 MMT from China’s projected imports to 83 MMT for 18/19 and 875 MMT for 19/20. State by state conditions ratings in IL (-2), MN(-3), IA (-4), and IN (-6) were all lower. Of the major states, NE (+1) and OH (+5) were higher. The Argentine peso weakened on Monday and again on Tuesday, reaching more than 58 to the dollar before firming into the close. --provided by Brugler Marketing & Management

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