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Soybean futures closed mixed, with 2016 contracts lower and 2017 contracts in plus territory. July bean meal futures got as high as $419.80 and as low as $402.40 today, closing mid-range. A 30 point drop in soy oil 3 cents per bushel off of bean value. Weekly USDA export sales data was not as bullish as the published trade estimates.Combined old and new crop export sales were only 606,800 MT.Bean meal sales were 169,500 MT for 15/16 (+23% vs. 4wk avg), but only 17,600 MT for 16/17.Expectations for meal ran between 50,000 and 150,000 MT for 15/16, and from 50,000 to 125,000 MT for 16/17. The IGC cut its estimate for 2015/16 world soybean production by 5 MMT to 314 MMT due to weather related problems in South America. Their tentative forecast for 2016/17 is 320 MMT.
Jul 16 Soybeans settled at $10.79 3/4, down 5 3/4 cents,
Aug 16 Soybeans settled at $10.77 1/4, down 4 1/2 cents,
Sep 16 Soybeans settled at $10.61 3/4, down 3 3/4 cents,
Nov 16 Soybeans settled at $10.50 1/2, down 3 3/4 cents,