Due to an increased demand for hogs and poultry, the Philippines are expected to import a record of 3.15 mmt of soymeal this year, CHS Hedging said. The trade today is expected to be choppy “in the confines of an overall downtrend continues,” they said.

July soybeans pushed through a key support level (9.05 ½) yesterday “which is negative and should open the door for a test of the old low of 8.96 ½ and then 8.87 1/2,” The Hightower Report said. They added there was a surge in open interest on the break yesterday, which indicates speculators are adding to their already large net short position.