USDA’s Supply and Demand Estimates Weigh on Markets

Nearby soybean futures were down 6 cents on Thursday pressured by weakness in soybean meal futures and expectations that USDA could raise its ending stocks projections in tomorrow’s WASDE report. Nearby soybean meal futures were off $3.10 on weakness in export markets with Gulf CIF basis down $3 to $5 and Gulf FOB basis off $1 to $5. Nearby soybean oil…