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Soybean futures incurred sharp losses on Friday, led by a 26 3/4 cent decline in the Sep16 contract. However, that contract was able to close 21 1/2 cents above its intraday low. Cooler mid-range forecast models with normal precipitation (and momentum) drove the soy complex lower during the session. Aug16 beans were down 66 cents on the week. Aug16 meal and oil were down $22.70 and $0.68 on the week respectively. Managed money held a net long CFTC position of 137,692 contracts as of the close on Tuesday. This was a week over week reduction to the net long position of 21,715 contracts. Chinese auctions sold 332,039 MT of 2012 reserve soybean stocks on Friday, only 57% of the total stocks offered. The Argentinean trucker strike has been lifted. The 2015/16 Argentinean soybean production was estimated to be 58.8 MMT by the local Ag Ministry this morning, up 0.8 MMT from its previous estimate, and larger than the 56.5 MMT estimate released by the USDA.
Aug 16 Soybeans settled at $10.06 1/2, down 26 cents,
Sep 16 Soybeans settled at $9.98 3/4, down 26 3/4 cents,
Nov 16 Soybeans settled at $9.88 1/4, down 24 1/4 cents,
Jan 17 Soybeans settled at $9.89 1/4, down 23 1/2 cents,
Aug 16 Soybean Meal settled at $346.70, down $5.80,