Soybean futures are 2 to 4 cents higher this morning as yesterday’s sellers take some profits off the table ahead of the weekend. They posted 16 to 17 1/4 cent losses in most contracts on Thursday. There wasn’t much evidence of long liquidation, with preliminary open interest for Thursday actually rising 5,844 contracts. Soymeal futures were down $6.40/ton, with soy oil 38 points lower. Palm oil prices were down 1.47% on the day. CONAB was not as low as other firms have gone, putting their updated 18/19 Brazil soybean estimate at 118.8 MMT vs. 120.07 MMT last month. They also pegged 18/19 exports at 75 MMT, UNCH from last month but down 8.865 MMT from 17/18. Agroconsult also released updated numbers, down 5.2 MMT from last month at 117.6 MMT.
--provided by Brugler Marketing & Management