Soybeans (P) Futures PricesSun, May 29th, 2016
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Soybean futures are steady to 4 3/4 cents lower at midday, after trading 3 to 6 cents higher this morning. Jul16 meal is down $2.10. There was 182,261 MT of US soybeans inspected for export during the week ending last Thursday, per the USDA this morning. This more than doubled both the previous week’s soy inspections and the weekly total during the same week a year ago. As of May 26, YTD inspections were 43.398 MMT, just 7.6% behind the same period in 2014/15. Under the daily reporting system, private exporters announced that 213,000 MT of US soybeans were sold to unknown destinations this morning, with 140,000 MT of that for 2016/17 delivery. A survey of trade analysts shows that on average, soybean planting progress is expected to be 71% finished. The IMEA is estimating Mato Grosso corn production at 21.2 MMT vs. 26.2 MMT last year. Chinese soy futures at Dalian were higher on Monday for the third session in a row.
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