The CBoT soybean futures rates can break away from their weekly low this morning that they traded yesterday. Nevertheless, today we will probably have the biggest weekly loss in a month. The world's stocks are large and the demand for oilseeds is weakening.
Traders in Far East Asia and Australia note that China bought large quantities of soybeans in Brazil. The question now is how much of China's needs remains for US exporters. Assuming a large soybean crop in the US this year, prices will inevitably come under pressure again.
Yesterday the USDA reported the sale of 198,000 tons of US soybeans to China. A COFCO executive reported yesterday that China will now primarily implement the Phase 1 agreement with the United States, in which China has committed to purchase large quantities of US agricultural goods. COFCO is a state-owned grain trader in China. 
Source
Hansa Terminhandel GmbH
