Soybean futures posted losses of 12 to 13 1/4 cents in the nearby contracts on Wednesday on position squaring ahead of Friday’s reports.
Weakness in the South American currencies was also seen as pressure. Meal futures were down $6.60/ton lower, with soy oil up 17 points.
Prior to Thursday’s Export Sales report, traders are expecting USDA to show 500,000-800,000 MT on old crop bean bookings for the week of 3/21, with new crop at 0-200,000 MT.
Soy meal is seen at 100,000-300,000 MT, with soyoil at 5,000-20,000 MT. US Census data released on Wednesday showed that 4.828 MMT (177.41 mbu) of soybeans were officially exported in January.
That was up 17.6% from December shipments but down 16.22% from last January. Of that total, 1.367 MMT was destined for China. Meal exports were the third largest on record for January at 1.386 MMT.