Soybeans were sharply lower on profit taking and technical selling, cementing the lower weekly close. Old crop exports were a marketing year low, but that’s partially a function of tight supplies, while new crop sales were unspectacular. China was a net cancellation on old crop and unknown destinations led the way for new crop. The fundamental outlook for soybeans and products remains bullish. Still, soybean meal followed beans lower and bean oil was mostly lower on spread trade and profit taking, despite another higher move in crude oil.
