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Soybean futures are trading 11 to 17 1/2 cents lower at midday on Turnaround Tuesday, after being more than a dime higher this morning. National soybean planting was 8% done as of Sunday night. Arkansas plantings were 32% finished, up from the statewide average of 24%. The state intends to plant 3.05 million acres to soybeans in 2016, or just 3.7% of the national total. Brazil exported 10.086 MMT of soybeans in April, bringing Jan to Apr exports to 20.9 MMT, up 60% year over year. Informa trimmed its 2015/16 Brazilian production estimate by 0.4 MMT to 100.1 MMT (USDA: 100 MMT), and its Argentinean estimate by 4.5 MMT to 55 MMT (USDA: 59 MMT). An analyst with the State Weather Agency in Argentina reports that heavy rains in Argentina ruined 9 MMT of soybeans.
May 16 Soybeans are at $10.18, down 17 1/2 cents,
Jul 16 Soybeans are at $10.26 1/2, down 17 1/4 cents,