Soybeans were sharply lower on fund and technical selling. Harvest is moving forward and while there are minor delays and some yield concerns, it is early in the process. The USDA is already projecting a very tight supply, so any cuts to yield would have an impact on demand projections, with the next set of estimates out October 12th. Export demand has picked up a little steam, but the overall pace remains behind what’s needed to meet USDA projections. Last week’s big buyers were China and Japan. China’s General Administration of Customs says August soybean imports from Brazil were 9.09 million tons, a jump of 45% on the year and nearly all of the monthly total. Soybean meal and oil were lower, also seeing fund liquidation. Domestic crush margins remain bullish.
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