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Soybean futures closed 1 to 13 cents lower on the day. The Nov 14 contract displayed the most weakness, but closed six cents off of the low for the day at $10.91. Weekly soybean export inspections totaled 96,915 MT, down from 118,193 MT last week. YTD inspections are now at 42,909,855 which is 7,613,111 MT more than the same week last year. In other export news, a feed buyer from Thailand was said to have purchased 150,000 MT of South American meal this week for shipment December-February. Private exporters reported to the USDA export sales of 120,000 MT of soybeans to China for the 2013/14 marketing year. Export sales of 135,000 MT of soybean cake and meal for delivery to unknown destinations during the 2014/15 marketing year were also reported this morning. USDA reported 60% of the soybean crop is blooming, ahead of the 56% average for this date. Soybeans in the pod setting stage were reported at 19% versus the five year average of 17%.
Aug 14 Soybeans closed at $11.75 3/4, down 1 cent,
Sep 14 Soybeans closed at $10.91 1/2, down 12 3/4 cents,
Nov 14 Soybeans closed at $10.71 1/2, down 13 3/4 cents,
Jan 15 Soybeans closed at $10.79 3/4, down 13 3/4 cents,