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Soybean futures closed with losses from 2 to 4 1/2 cents despite solid export news for soybeans this morning. The net sales reported for both old and new crop soybeans were 726,000 MT including more than half a million MT of fresh old-crop bookings. Trade estimates for the weekly USDA Export Sales report had been in the 200-450,000 MT range. Then private exporters reported to the USDA this morning another sale of 280,000 MT to unknown destinations for delivery in the 2015/16 marketing year that will be included in the report next week. Weekly soybean meal sales came in at 228,200 MT. On a bearish note, AgroConsult raised its estimate of Brazilian bean production to a new record of 95.8 MMT. Argentine sources also report excellent early yields. Dow Jones reports an average 85.872 million acres of beans expected by a panel of analyst. That would be up 2.5% from last year.
May 15 Soybeans are at $9.74 1/2, down 4 1/4 cents,
Jul 15 Soybeans are at $9.78 3/4, down 3 3/4 cents,
Aug 15 Soybeans are at $9.77 3/4, down 3 1/4 cents,