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Soybean futures settled with losses of 7 1/2 cents for September, but only 3 cents for the Nov16 and Jan17 contracts. Inspections for export in the weekly USDA report were 921,137 MT, about 2.6% smaller than last week, but almost 5 times as much as the same week last year. Private exporters reported to the USDA an export sale of 393,000 MT of soybeans to unknown destinations this morning. The Pro Farmer soybean yield estimate is 49.3 bpa and a 4.093 billion bushel crop. They have had a tendency to be below the USDA final production number (10 out of 14 years by one count). Weekly crop condition ratings from NASS had the national crop improving one point from last week on our Brugler500 Index. Approximately 94% of the crop is setting pods, a couple points ahead of the 5yr average for this week.
Sep 16 Soybeans settled at $9.83 1/4, down 7 1/2 cents,
Nov 16 Soybeans settled at $9.64 1/4, down 3 cents,
Jan 17 Soybeans settled at $9.66 3/4, down 3 cents,
Mar 17 Soybeans settled at $9.68 1/4, down 2 1/4 cents,
Sep 16 Soybean Meal settled at $319.50, down $1.70,