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Soybean futures finished the day with sharp losses of 28 to more than 31 cents. Market participants were showing concern about future Chinese demand after the Chinese stock market posted its largest one day loss in 8 years on Monday, losing 8.5% on the session. That country is typically the destination for more than 60% of annual world soybean exports. The weekly crop progress report from the USDA showed the condition of the national crop improving 1 point on the Brugler500 Index. As of Sunday night, 71% of the crop had reached the blooming stage, while the 5yr avg for this week is 72%. At least 34% of the national crop was setting pods, vs. the 5yr avg of 31% for this date. MN and ND are way ahead of normal. Export inspections reported this morning by the USDA in its weekly report were 120,413 MT; less than half of the total last week, but nearly 20,000 MT larger than the same week a year ago.
Aug 15 Soybeans closed at $9.61 1/4, down 30 cents,
Sep 15 Soybeans closed at $9.39 1/4, down 28 cents,
Nov 15 Soybeans closed at $9.33 1/4, down 31 3/4 cents,
Jan 16 Soybeans closed at $9.39 1/2, down 31 1/4 cents,
Aug 15 Soybean Meal closed at $344.20, down $10.60,