The soybean market today closed out at more than 60,000 contracts waiting to be sold. This is an almost certain assurance of another instantaneous lock limit down when trading resumes Sunday evening. The CME is attributing this to the following:
- Brazil's soybean crop is expected to be higher than earlier estimated.
- Argentina's soybean crop is expected to be higher than earlier estimated.
- China has announced that it will release soybean oil in storage for sale into the global marketplace.