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Soybean futures are trading 7 to 8 cents lower at midday after posting an 18 cent gain in the nearby contract on Friday. Argentine soybean planting is now estimated to be 35% completed. Brazilian planting is still running about 7% behind the 5 year average pace for this date, while about 3% behind last year. Weekly export inspections from USDA this morning were 2.784 MMT (102.3 million bushels). This is the third 100+ mbu week in the last 4. Shipments YTD are 19.41 MMT, 125 million bushels larger than last year. It is no surprise that crush plants were hiking their basis on Friday to keep beans from bypassing the plants into export channels. USDA announced a 235,000 MT sale to China under the daily reporting system.
Jan 15 Soybeans are at $10.31 1/2, down 7 1/2 cents,
Mar 15 Soybeans are at $10.37 3/4, down 8 1/4 cents,
May 15 Soybeans are at $10.43 3/4, down 8 1/2 cents,
Jul 15 Soybeans are at $10.47 3/4, down 6 3/4 cents,