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Soybean futures are currently trading lower at midday, however bean meal is steady with July trying to rally. Private exporters reported to the USDA this morning that Thailand booked 109,400 MT of soybean meal for delivery during 2015/16. Total 14/15 export commitments for soybean meal are 98% of the total USDA projection for the full year, well ahead of normal for this date. Accumulated meal shipments are on par with the five year average, but there are still 2.524 MMT to ship, which is an 88% larger backlog than last year at this time. Bean oil export commitments are well behind normal for this date and the July contract is trading 54 cents lower on the session.
Jul 15 Soybeans are at $9.28 1/4, down 10 1/4 cents,
Aug 15 Soybeans are at $9.20, down 9 3/4 cents,
Sep 15 Soybeans are at $9.11, down 9 1/4 cents,
Nov 15 Soybeans are at $9.09 3/4, down 8 1/2 cents,