Jan soybeans took a break in their price rally on Wednesday closing 2 ½ cents lower. Traders say it was a combination of profit taking and Producer selling that caused the weakness. Fund buying appear to be less influential and the lower Dollar did not impact commodity prices as has been the case lately. Talk of heavy South American farmer selling surfaced and reports that FOB prices plunged in South Am. Yesterday. Volume was very heavy Wednesday. Soybeans traded 161,747, Meal 75,096 and Oil traded 99,776. Funds were net sellers of an estimated 2,000 Soybeans and bought 1,000 Meal and 1,000 Oil

Early Opening calls higher. Weekly export sales were strong for soybeans once again. The USDA reports export sales for soybeans at 1,349,700 mt. an increase of 6% from the previous week and above analysts estimates of 750, to 1.0 mmt. Meal sales were 367,900mt. above estimates of 100-200k mt. Oil sales were in line with expectations at 12,400 up 10% from the previous week. China’s National Development and Reform Comission says its considering rules to regulate China’s Oilseed industry. They note 70% of China’s 87 mmt. crush capacity is controlled by foreign companies and only 48% of the total crush capacity is used each year. The USDA reports this morning show that Taiwan bought 57,500 mt of soybeans from the US. The report shows they paid $2.45 over March prices CIF. Overnight Chinese Soybeans, Meal and Oil futures closed higher.

Opening call: Soybeans 5 to 7 cents lower, Meal $1.00 to $2.00 lower and Oil .30 to .40 lower.

Cash Markets -- CIF Soybeans steady off 3: LH Nov. +48 to +50, Dec. +59 to +61, Jan. +70 to +72, Feb. +60 to +70,Mar. +40 to +65, April +35 to +45, May +35 to +50