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Soybean futures closed 4 to 6 cents lower this afternoon, as front month Mar16 closed at its lowest price since December 16. Monday started the Chinese New Year and their markets are closed. The USDA export inspections report this morning showed 1.173 MMT of soybeans were weighed for export during the week ending February 4, about 2% smaller than the previous week, but down 21% from the same week a year ago. YTD inspections through last Thursday are nearly 13% behind the record pace set in 2014/15. The average pre-WASDE trade guess for 15/16 ending stocks is 449 mbu (Jan: 440 mbu). The same survey of trade analysts projects (on average) that world ending stocks will be 79.09 MMT (Jan 79.28 MMT). Brazilian bean production is expected to slip by 0.8 MMT from the Jan estimate to 99.2 MMT, while Argentinean bean production is expected to rise to 57.3 MMT, up 0.3 MMT from the January report. The USDA report will be released tomorrow at 11 CST.
Mar 16 Soybeans settled at $8.62 1/2, down 5 cents,
May 16 Soybeans settled at $8.66 1/2, down 4 3/4 cents,
Jul 16 Soybeans settled at $8.72 1/2, down 5 1/4 cents,
Aug 16 Soybeans settled at $8.74 1/2, down 5 1/2 cents,
Mar 16 Soybean Meal settled at $264.50, down $0.50,