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Soybean futures fell about 9 cents but on a weekly basis, the May contract was virtually unchanged. The Argentine Ag Ministry raised projected production there to 59 MMT, vs. 58.5 MMT for the BA futures exchange and USDA at 57 MMT. We do note that the Ag Ministry corn number is way above the rest of the estimates at 30 MMT. We are taking the soybean number with a grain of salt. Price direction due to the status of the Brazilian truckers strike will be more relevant after weekend events have unfolded. CFTC reported the managed money net position in soybeans was net short -47,505 contracts as of the Tuesday close. It was reported at a record net short -81,716 contracts just one week earlier. Commercial accounts were shown to have flipped their net position back to being net short soybeans with a net change of -29,473 contracts week/week.
May 15 Soybeans closed at $9.69 3/4, down 8 1/2 cents,
Jul 15 Soybeans closed at $9.70 3/4, down 9 1/4 cents,
Aug 15 Soybeans closed at $9.66 3/4, down 9 1/2 cents,
Sep 15 Soybeans closed at $9.56 1/4, down 9 1/4 cents,
May 15 Soybean Meal closed at $314.60, down $2.00,