Generally,many U.S. investigation agencies  increase soybean production estimation, and soybean oil consumption peak season is  to come. Soybean fundamentals decreasing  pattern is difficult to change, it is expected to continue down this week.

 

Estimations of the two big future companies are higher than the estimation report released in October by the U.S. Department of Agriculture. In November 9, the Ministry of Agriculture will release the latest forecast. The U.S. dollar depreciation weakens the competitiveness of American goods in the international market, which also gives the pressure on soybean prices. Ministry of Agriculture announced last week’s soybean export sales is at 760,600 tons, higher than the estimated 557,0 00 million tons.

 

Soybean futures prices are declining as favorable jobs data boosts the U.S. dollar index. The jobs data pushed the dollar index over .60% higher. Downside momentum should be limited by firm export sales. Weekly export sales totaled 741,200 tonnes, which was slightly higher than expectations. November soybean futures are trading 20 ¼ cents lower.

 

I will continue to go short soybean.