After Tuesday’s double digit drop, overnight trading has soybeans another 5 to 9 cents lower. At the close on Tuesday soybean futures were 10 to 11 3/4 cents weaker with March at $13.54 3/4. New crop beans closed down 2 1/4 to 4 1/4 cents. Profit taking was noted, with preliminary open interest down 2,150 contracts. November beans closed at a $2.04/bu discount to nearby, with an additional 10 1/2 cent weaker basis (cmdtyView) of 54 cents under. The new crop soy/corn ratio was 2.574, which is still high enough to pull bean intentions away from corn. Meal futures were down $0.10 to $2.50/ton. Soy oil futures are down 40 to 65 points. Brazilian soybean exports were reported at only 49,498 MT in January. That was down from 1.4 MMT LY.

--- provided by Brugler Marketing & Management