Soybean futures are 1/2 to 1 cent lower this morning since ending the Tuesday session fractionally mixed. Preliminary open interest rose 11,114 contracts on Tuesday, but with little direction to prices. Nearby meal futures were down 10 cents/ton, with soy oil 16 points in positive territory. USDA trimmed their US soybean carryout projection by 5 mbu in the WASDE release, it is now 895 mbu. That came from lower imports and higher seed usage. Their Brazil production estimate was raised by 0.5 MMT to 117 MMT on a higher average yield, as they left Argentine output UNCH @ 55 MMT. World ending stocks were raised slightly to 107.36 MMT, reflecting the increase to the South American production.
--provided by Brugler Marketing & Management