Soybeans are trading with 2 to 4 ½ cent losses early on Wednesday. Futures posted Tuesday losses of 6 to 8 cents in the nearbys, as contracts pulled off lows into the close. Preliminary open interest was down 14,382 contracts on Tuesday, suggesting some longs were exiting. The cmdtyView national average Cash Bean price was 4 3/4 cents lower at $10.18 1/4. Soymeal futures were 60 cents to $5.40 in the red, with Soy Oil futures 15 to 19 points lower. There was another delivery for December soybean meal overnight, with 8 more issued for December soybean oil.
WASDE data was updated this morning, but nothing in the US side was adjusted. The World Ag Outlook Board decided to punt to the January report as both supply and demand was left stale and projected ending stocks were steady at 290 mbu.
