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Soybean futures were sharply lower on the day, with November losing nearly 30 cents/bushel on the session. Export sales were solid, and the US Dollar was weaker on Thursday, thus blame for the selloff goes to the PFA Tour updates touting relatively high pod counts. Their Illinois figure averaged 9.67% higher than the 3 year average. Stronger numbers are also expected for IA and MN when released on Thursday evening. USDA’s weekly Export Sales report had the soybean figure at 2.054 MMT (75.5 million bushels), which was above the higher end of published trade expectations. Old crop sales continue to accumulate, even with only two weeks left in the marketing year. Soy meal export sales were also solid at 213,800 MT, but Sept meal was down $7.20 on the session.
Sep 16 Soybeans settled at $9.98 1/4, down 32 1/2 cents,
Nov 16 Soybeans settled at $9.75 1/2, down 29 3/4 cents,
Jan 17 Soybeans settled at $9.77 1/2, down 28 1/2 cents,
Mar 17 Soybeans settled at $9.76 1/2, down 27 cents,
Sep 16 Soybean Meal settled at $324.30, down $7.20,