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Soybean futures settled with losses mostly from 3 to 5 cents, but the September contract was down 8 1/4 cents on the session. National average soybean basis (calculated using the August contract) weakened by 4 1/2 cents from Friday to Friday. The USDA reports that 148,498 MT of soybeans were inspected for export during the week ending last Thursday (+ 22% from the week before). YTD export inspections are 212 million bushels above last year. The USDA forecast (which ends August 31) calls for the final total to be up 178 million. Soybean crop conditions improved slightly overall from a week earlier, gaining one point on the Brugler500 Index at 362 this week. Last year at this time the Brugler500 Index was at 380. As of Sunday, 81% of the soybeans crop has reached the blooming stage, a couple of points behind the average. Approximately 54% of the crop is setting pods, which is about 5 points ahead of the 5 year average.
Aug 15 Soybeans closed at $9.77 1/2, down 3 1/4 cents,
Sep 15 Soybeans closed at $9.45, down 8 1/4 cents,
Nov 15 Soybeans closed at $9.35 1/2, down 4 3/4 cents,
Jan 16 Soybeans closed at $9.41, down 4 3/4 cents,
Aug 15 Soybean Meal closed at $351.40, down $3.20,