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Soybean futures are trading mostly a dime lower at midday. Bean meal is off $4, but bean oil is slightly higher on the day. The USDA weekly Export Sales report was larger than expected at 1.046 MMT yesterday. Cumulative export commitments (shipped + unshipped) now total 86% of the full year WASDE estimate vs. the 5 year average of 79%. Either USDA will have to raise the forecast or second-half sales will have to be even smaller than last year. The USDA baseline forecast calls for a small decline in 2015 soybean plantings, to 84.0 million acres. We assume the lower overall acreage is due to less price incentive.
Jan 15 Soybeans are at $10.24 3/4, down 10 1/4 cents,
Mar 15 Soybeans are at $10.32 1/2, down 10 3/4 cents,
May 15 Soybeans are at $10.40, down 10 1/4 cents,
Jul 15 Soybeans are at $10.45 1/4, down 7 3/4 cents,