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Soybean futures traded on both sides of even money this morning, but in the end, the bears held sway with losses of 2-4 cents at the close. Trade expectations for the USDA weekly export sales report ranged from 200,000 MT to 600,000 MT, but the actual figure came in far better, at 909,000 MT, including 548,900 MT in fresh bookings to China, and new-crop sales to Japan amounting to 20,800 MT.Expectations for soybean meal export sales were for between 100,000 MT and 350,000 MT and they came in at a neutral 297,500 MT; March bean meal is currently up $1.70 on the day. Bean oil export sales were down significantly from the previous two weeks, coming in at 10,600 MT, and nearby bean oil futures are sharply lower on the day. Brazilian harvest is estimated to be 6% completed. AgroConsult is projecting a 94 MMT crop, lower than the recent estimates from USDA and CONAB but still a record.
Mar 15 Soybeans closed at $9.68 1/4, down 2 cents,
May 15 Soybeans closed at $9.74 3/4, down 2 1/2 cents,
Jul 15 Soybeans closed at $9.79 3/4, down 3 1/4 cents,
Aug 15 Soybeans closed at $9.78 3/4, down 4 1/4 cents,