Profit-taking is dragging soy down

Soy fell sharply yesterday. The November soybean term lost 18 US cents/bu to close at 1,368.75 US cents/bu. Yesterday's trading was primarily characterized by technical selling and profit-taking. Otherwise, the news situation tends to point towards rising prices, as the weather forecast has not changed. It remains very warm and very dry in most growing areas in the USA. US export sales were solid. 1.123 million tonnes of the new harvest were sold, the main buyer being China. Chinese buyers continued their shopping spree in the US yesterday, with the USDA reporting sales to the Middle Kingdom of 132,000 tonnes. Next Monday, the US stock exchanges will be closed due to the holiday (Labor Day). Soybean meal and soybean oil also fell noticeably.

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