Grain futures trade lower following overnight losses

Soybean futures traded lower on soft weekly export sales and forecasted South American rain. Soybean meal traded mostly sideways on the day, staying within a dollar on either side of the open before closing higher. The complex came off strong gains Wednesday, finding strength on support from an announced export sale, South American crop expectations and opportunity on the soy oil front. Weekly export sales came in lower than traders liked adding downward pressure into the market.

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