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Soybean futures closed with the May and Jul16 contracts down a penny, but the Nov16 contract posted a nickel gain. The front three contracts finished nearly 20 cents off their daily highs, as much of the gains made earlier in the day were given back during the last 30 minutes of trading. May meal futures closed $5.40 higher on the session, after being up as much as $11.50 earlier in the day. Export sales during the week ending last Thursday totaled 946,475 MT, the largest weekly total in three months. New crop bookings of 720,449 MT were the second largest weekly total of the marketing year. Meal sales were 273,420 MT, with 16/17 meal sales the largest reported in more than a month. Soybean oil bookings were in the middle of expectations at 9,600 MT. The IGC lowered its projection for 15/16 world soybean production by 5 MMT to 318 MMT, which is 2 MMT below the April WASDE.
May 16 Soybeans settled at $10.18, down 1 cent,
Jul 16 Soybeans settled at $10.27 1/2, down 1 cent,
Aug 16 Soybeans settled at $10.28 1/2, up 3/4 cent,
Nov 16 Soybeans settled at $10.08 1/2, up 5 cents,