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Soybean futures were sharply lower, with Jul16 beans down 21 3/4 on the day, just 1 penny above its daily low. The market more or less ignored strong export sales data released this morning, treating it as old news. Export sales during the week ending last Thursday reached 1.245 MMT, with 815,820 MT of old crop bookings (the largest weekly total since the week ending January 14). Marketing year to date commitments of old crop beans as of last Thursday were 93.4% of the same time in 2015.Soybean meal sales were 152,725 MT, and bean oil sales were 10,027 MT. The Buenos Aires Grain Exchange predicts that 1.94 million soybean acres in Argentina were lost because of heavy rainfall.
May 16 Soybeans settled at $10.03 1/2, down 21 cents,
Jul 16 Soybeans settled at $10.12 1/4, down 21 3/4 cents,
Aug 16 Soybeans settled at $10.14 3/4, down 21 1/4 cents,
Nov 16 Soybeans settled at $10.01 1/2, down 14 cents,
May 16 Soybean Meal settled at $335.00, down $8.00,