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Futures Close Report 10th August

USDA came out with a bearish report that saw Soybean markets in further retreat.   USDA projected a record-large 2018 U.S. soybean crop. U.S. soybean stocks at the end of the 2018/19 season next August were seen increasing to an unprecedented 785 million bushels, this has combined with the current US / China trade war to make for an unfriendly market position for Soybeans.

A ship carrying soybeans from the United States docked in the port of Dalian on Saturday, more than a month after it arrived off China’s coast.  The move into the port suggests the cargo may be about to be unloaded, becoming one of the first U.S. soybean shipments to incur the new penalties as the trade dispute.