The Market Soybeans were fighting their way back to breakeven for the week until USDA issued its quarterly stocks report midday and showed more product on the books than anyone expected. Mind you, stocks to use is still very tight but suddenly there is 13 percent more beans than expected and Chicago made a neck-breaking reversal. Instead of trading 15 cents higher it plunged 32 cents to make the net loss on the week 47 cents.
For the week, the complex dropped 3-4 percent in value and is exposed to further softening. November soybeans lost 61 cents (-4.2 percent), December soymeal lost $4.20 (-4.7 percent), and December soyoil lost 2.3 cents (-3.3 percent).
China wants to reduce imports and Brazil is more competitive, but China still...
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